Increasing risk of Brexit has pushed the GBP/USD three-month Implied Volatility (IV) gauge above 16% for the first time in six years. The IV began rising in late March as polls started showing sentiment tilting in favor of Brexit. Corporate world and option traders have begun considering the possibility of Britons voting in favor of Brexit at June 23 referendum. Implied volatility shows how volatile the market/pair might be in the future; in this case three months down the line. For more information, read our latest forex news.