Highest since the day the meaningful vote took place on 15 January

GBP/USD O/N VOL

If you're trying to look into the choppy price action seen in the pound today, just be wary that markets are anticipating volatile trading in the pound as a result of the uncertainty ahead of the Brexit amendment votes. There's still no clues on what amendments will be chosen by the speaker, John Bercow, so a lot of the rumours/headlines right now may not even matter at the end of the day.

That said, the outcome of today's votes may very well just leave things unchanged at the end of the day too so that could see the pound in more uncertainty territory in the coming days.

For some context, the overnight implied volatility at current levels is considerably high as it is only matched by the uncertainty over a Brexit deal in November, the initial proposed meaningful vote in December, and the meaningful vote two weeks ago. Prior to that, you'll have to go back to the 2017 general election for volatility pricing this high.