The options market saying rough days are ahead of Pound, to be filled with volatility. Fear of Brexit and investors and businesses taking positions to mitigate risks have already invested the implied volatility (IV) curve. Six months, IV is priced more than yearly IVs.

After the deal was reached on Friday, over the weekend exit favoring comments by London Mayor, known for his ability to move crowd sentiment has soured the mood and pushed six month IV to highest level in 51 months.

Poll shows, the referendum could easily turn out to be a close call. However, reports suggest, after the deal got sealed, stay favoring sentiment has moved up and is now higher than exit preferring ones. However key for the both group would be to impress undecided voters. As much as 20% of the populations are yet to decide over the matter.

So investors are correctly judging that there exists a real possibility of an exit. Goldman Sachs predicted Pound could drop as much as 20%, if UK chooses exit rout.

Six month's IV is currently trading slightly above 12%.