UK's Boris Johnson backs up Brexit, sends Pound sharply lower

Following news from the weekend that UK Prime Minister David Cameron reached a deal with Europe, in the last few hours, news broke out that UK politician and Mayor of London Boris Johnson will campaign for Britain to exit the European Union. As a result, the British Pound has collapsed more than 100 pips after Boris' announcement.

Boris Johnson wrote an article at the Telegraph UK, noting that "we are seeing a slow and invisible process of legal colonisation, as the EU infiltrates just about every area of public policy."

Boris added: "At a time when Brussels should be devolving power, it is hauling more and more towards the centre, and there is no way that Britain can be unaffected."

"This is a moment for Britain to be brave, to reach out – not to hug the skirts of Nurse in Brussels, and refer all decisions to someone else" Boris also said.