Heightened Brexit fears are evident through the three month GBP/USD implied volatility gauge, which now trades at highest level since 2010. Most investment banks are betting on 1.38-1.35 levels in the next three months time period. A messy Brexit is also seen pushing the UK economy into recession. Implied volatility spanning the June vote jumped to a six-year high of 15%. Rise in implied volatility is usually an indication the markets fear sharp swings in price. For more information, read our latest forex news.