Pound dips following positive news for 'Leave' camp over the weekend

A slight dip in the value of the pound was linked to news that a majority of those betting on the result of the upcoming referendum on membership of the European Union over the Monday holiday had put their money on the 'Remain' camp.

According to bookmaker William Hill, 85% of all EU referendum bets taken out over the Monday holiday favoured Brexit.

In parallel, the latest poll from ORB revealed a sharp drop in the 'Remain' camp´s lead over its rival, with the gap falling from 13 points to five percentage points, with support for 'Remain' standing at 51.0% and 'Leave' at 46.0%, according to the latest tally.

The apparent shift in voting intentions seen in the poll, conducted last week on behalf of The Daily Telegraph, came against the backdrop of the latest statistics which revealed that levels of immigration had risen to record levels.

Speaking at The Hay Literary Festival in Wales, on Sunday, Lord King, the former Bank of England boss, criticised the "wildly exaggerated claims" made by both the 'Leave' and 'Remain' campaigns which, in his opinion, insult the intelligence of voters.

Lord King reportedly refused to say which way he would vote but described the European Monetary Union as a "reckless mistake" that had left Greece facing a situation worse than that of the US during The Great Depression.

As of 14:40 BST cable was drifting lower by 0.07% to 1.4628.