If anything is crazy, it is this. As the polls open on Thursday, overnight implied volatility known as a cost to protect against pound/dollar volatility has surged above 106 percent. This is an all-time record, unlikely to get broken anytime soon. During the peak of the great recession of 2008-09, this gauge touched 67.95 percent.

We at FxWirePro doesn’t consider that such volatility is possible even if it is an unprecedented, ground-breaking event.  Such surge is a result of panic among some of the participants.

As of latest polls and predictions, Britons are likely to vote to stay in the Union. We expect, in such a case, Pound is likely to soar to 1.6 against the dollar to the very least. A jump towards 1.7 can’t be denied.

Voting has officially begun about two and half hours back and reports are coming that there are long queues everywhere, probably longest ever. People are interested in deciding on their future even on a rain soaking day than to sit tight at home.