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Andrew Grantham, an analyst at CIBC, points out that GBP/USD implied volatility rose over a 1-month horizon, but not over the 3 or 12 months,  

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“News that British parliament voted to avoid a hard Brexit and extend article 50 has been positive for sterling, but what’s interesting is that measures of implied volatility more than one month ahead haven’t risen. That’s doubly strange now given that by potentially just kicking the can further down the road, we could be in a similar situation again later in the year.”

“As such, now could be a good time to take protection against swings in sterling later in the year.”