The value of the pound plummeted against the dollar as the Leave campaign scored their first win of the night in Sunderland.
The overwhelming win for Leave in the voting area in the North West sparked a sudden and hefty blow to confidence in the UK's currency.
The dramatic 61-39 win for Leave in Sunderland sparked a crash of three per cent in the value of the pound.
The currency's value against the dollar had earlier hit a high after Nigel Farage appeared to have conceded defeat.
It is expected the currency will see rollercoaster changes throughout the night as results come in, with traders expected to profit from the drastic changes in price.
One pound was worth $1.50 at just after 10pm this evening. The price plummeted to $1.45 after Sunderland's result was announced.
Michael Hewson of CMC Markets said: "As the final poll from YouGov hit the wires sterling pushed back higher again towards the 1.50 level.
"With Nigel Farage also admitting that Remain may have edged it, it would appear that the fat lady is in the act of clearing her throat and readying herself to sing."
Mr Farage described the Sunderland result as "fantastic" and Newcastle as "amazing" for Leave
The pound had surged by 5% over the past seven days as Brexit fears receded, enjoying its best weekly performance since 1985 and reclaiming all its losses since the start of the year.
On Monday, sterling notched up its biggest one-day gain against the dollar for nearly eight years.
Currency analysts expect volatility whichever way the vote goes, and further changes as more results come in.
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