GBP Peak Volatility?

The reversal came on positive risk sentiment more broadly. The S&P 500 jumped and the US retail sales control group was up 1.1% compared to +0.6% expected. The caveat was that December was revised lower to -2.3% from -1.7% in what's now the worst reading since 2000.

There are many moving parts but ultimately there should be more clarity in 24 hours than there is now, and a no-deal Brexit will almost surely be stopped by parliament. So on net, the path to the upside may be the easier way forward, but it's will be a bumpy ride.