The UK Secretary of State for Business said leaving the EU could cost British businesses £34.4 billion.

UK rates: UK bonds stopped to rally last night after the last poll gave a lead to the "Remain" camp but are still trading at the lows of the year at 1.28%.

As a result, the FX option activities of GBP crosses have intensified, ATM GBPUSD IVs of 1m tenor have spiked above 22% with rising negative hedging sentiments. While euro’s gains against sterling are suggested by positive risk reversals.

The volatilities are still extremely bid in GBP with uncertainties still high surrounding the vote. The 1M continues to reach new highs at 22.2%.

25-delta risk reversals evidence the difference in volatility, and therefore price, between puts and calls on the most liquid out-of-the-money (OTM) options quoted on the OTC market.

The 3m is getting close again to the year high at 16. It is currently trading at 15.2, coming from a low of 12.5 a week ago.

The GBP managed to bounce from its strong support at the 100-day moving average to trade back in the middle of the range following yet another tight poll.