Hi @ben_wilson-powell, I've written before that just such a scenario is very possible, the rationale being that the GBP low post referendum was calculated in advance by large speculators who were assuming Brexit meant Brexit and the rallies off the lows were a response to the idea of a negotiated separation. The realisation of a no-deal Brexit could mean a return to the original supposition though much has occurred since the referendum such as the idea that WTO trade rules could be applied that may lessen the impact of a no-deal Brexit decision.