Pound's stomach-churning ride to get worse as crucial Brexit vote nears

Implied volatility in the pound-dollar pair touched the highest since mid-January on Friday, as traders sought to hedge against price swings

At one point Friday, the pound swung between gains and a two-week low as traders parsed contrasting headlines about the progress of Brexit.

Those swings may be dwarfed next week as UK Prime Minister Theresa May puts her divorce deal to a vote yet again in Parliament. If May can’t gain the backing of lawmakers for her plans, she will hold a vote on avoiding no deal and another on extending Article 50’s March deadline.

Sterling has sold off over the past week as the mood music on the prospects of reaching a deal with the European Union before Tuesday’s vote has