The pound GBPUSD, +0.05% dropped below $1.35 for the first time since 1985 in early Friday trading hours as early results from the U.K.'s referendum on its European Union membership pointed to a "leave" vote. Sterling slumped to as low as $1.3463, before rebounding slightly to $1.3607. With 265 of 382 counting areas having declared results, 51.4% of the voters backed a Brexit versus 48.6% that favored to remain part of the union. The pound had late Thursday jumped to as high as $1.5022 on early indications the U.K. had voted to stay in the bloc. However, as more local results were announced the vote swung in favor of the Brexiteers.