Immediately after the date for Britain's referendum on European Union membership was set in February, the pound weakened toward a 2016 low of 1.385 against the U.S. dollar.
For most of the time since then the "stay" camp has performed best, and sterling has strengthened accordingly, to a high of 1.473 in late May. However, the last week has seen a marked change in momentum, with the "leave" camp gaining some much needed traction.
Four polls in the last week have shown a swing toward "leave," and markets, which perhaps had been complacent about a "stay" vote, have moved accordingly. Peak to trough this week, sterling fell 2 percent. Betting markets have also narrowed, while the latest Financial Times Poll of Polls suggests 46 percent for "stay" vs. 43 percent for "leave" — the 3-point gap is the closest it has been since February.