Uncertainty over Britain’s future in the European Union sent the pound plunging Monday, as Prime Minister David Cameron tried to shore up support for remaining in the bloc when the U.K. holds a referendum in June.

The pound fell 1.7 percent to $1.4166, and also sagged 0.5 percent to 1.28 euros, as bookmakers shortened the odds on a vote to leave — though betting markets still favor a “remain” victory.

Simon Smith, chief economist at FxPro, said the next four months “won’t be a fun time” for the pound, which has weakened in recent months.

“It’s more the uncertainty that will weigh on the currency, rather than investors taking a view on the outcome and the implications for the economy, which are hard to argue either way,” he said.

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