The pound has fallen sharply against the dollar after a new poll showing the Leave campaign ahead in the EU referendum.

An ICM poll published on Tuesday afternoon found Brexit leading by 52 per cent to 48 per cent.

The survey is the first normal-methodology phone poll to show such a result; within minutes of the newspaper pushing the poll, Sterling fell sharply by around a cent.

EU Referendum: Latest Poll

Currency traders are watching polls carefully and the International Monetary Fund chief Christine Lagarde has warned that Brexit could wipe 20 per cent off the value of Sterling.

Last November a report by Bank of America warned that Britain leaving the EU would likely trigger a run on the pound.

After then Mayor of London Boris Johnson decided to back Brexit the pound hit a seven-year low against the dollar.

The poll for the Guardian comes with a health warning, however, as they were conducted over the bank holiday weekend – which is difficult to poll because many people tend to be away.

“Polling over a bank holiday weekend often throws up ‘interesting’ results,” Tom Mludzinski, director of political polling at ComRes said.

The most scaremongering arguments for Brexit Show all 7 1 /7 The most scaremongering arguments for Brexit The most scaremongering arguments for Brexit 22 May 2015 In his regular column in The Express Nigel Farage utilised the concerns over Putin and the EU to deliver a tongue in cheek conclusion. “With friends like these, who needs enemies?” PA The most scaremongering arguments for Brexit 13 November 2015 UKIP MEP for Yorkshire and North Lincolnshire Mike Hookem, was one of several political figures who took no time to harness the toxic atmosphere just moments after Paris attacks to push an agenda. “Cameron says we’re safer in the EU. Well I’m in the centre of the EU and it doesn’t feel very safe.” Getty Images The most scaremongering arguments for Brexit 19 April 2016 In an article written for The Guardian, Michael Gove attempts to bolster his argument with a highly charged metaphor in which he likens UK remaining in the EU to a hostage situation. “We’re voting to be hostages locked in the back of the car and driven headlong towards deeper EU integration.” Rex The most scaremongering arguments for Brexit 26 April 2016 In a move that is hard to decipher, let alone understand, Mike Hookem stuck it to Obama re-tweeting a UKIP advertisement that utilises a quote from the film: ‘Love Actually’ to dishonour the US stance on the EU. “A friend who bullies us is no longer a friend” The most scaremongering arguments for Brexit 10 May 2016 During a speech in London former work and pensions secretary Ian Duncan Smith said that EU migration would cause an increasing divide between people who benefit from immigration and people who couldn’t not find work because of uncontrolled migration. “The European Union is a ‘force for social injustice’ which backs the ‘haves rather than the have-nots.” EPA The most scaremongering arguments for Brexit 15 May 2016 Cartoon character Boris Johnson made the news again over controversial comments that the EU had the same goal as Hitler in trying to create a political super state. “Napoleon, Hitler, various people tried this out, and it ends tragically.” “The EU is an attempt to do this by different methods.” PA The most scaremongering arguments for Brexit 16 May 2016 During a tour of the women’s clothing manufacturer David Nieper, Boris had ample time to cook up a new metaphor, arguably eclipsing Gove’s in which he compares the EU to ‘badly designed undergarments.’ “So I just say to all those who prophecy doom and gloom for the British Business, I say their pants are on fire. Let’s say knickers to the pessimists, knickers to all those who talk Britain down.” Getty Images

“Will need more to confirm any real trend.”

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Lower currency values mean comparatively higher prices for British tourists when going abroad; however British exports become comparably cheaper to buy in other countries.

Imported goods would also become more expensive for UK consumers.

The ICM poll follows an ORB phone poll conducted last week which also showed the Leave campaign making progress after having focused more specifically on immigration as an issue.

That poll still had the Remain campaign ahead, albeit by a narrower margin.

What to believe about the EU referendum