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Hardy: Long and nervous wait ahead for Sterling traders

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Saxo Bank’s John Hardy says Sterling traders are in for a long and nervous wait ahead of a June 23 referendum on whether the UK will remain a member of the European Union.

British Prime Minister David Cameron called the vote after landing a deal with fellow EU leaders, which grants the UK special status within the EU including safeguards for the UK’s financial sector.

The market initially welcomed the deal, but Sterling weakened after leading members of David Cameron’s Conservative Party pledged to campaign for the UK leaving the EU.