There is less than a week to go before the UK parliament decides whether to accept the Brexit deal that UK Prime Minister Theresa May has brokered with the EU and the British pound is starting to show its volatility to the potential outcome.

If the deal is rejected, the pound is expected to fall heavily and depending on who you ask, the currency could tumble anywhere from 5 till 20 percent.

As the deadline draws closer, the chances of the deal not closing is growing by the day and so is the amount of short trades being placed on the pound in anticipation of the tumble.

“It has been a testing time for the pound, as the currency has been dragged around by to-and-fro Brexit developments,” said Irene Cheung, a senior strategist at Australia & New Zealand Banking Group

 “At this point, it seems extremely unlikely that the withdrawal agreement offered by the European Union will be passed by the U.K. parliament, which remains highly fragmented.” She added.

There are now growing expectations that there will need to be a second referendum on the UK leaving the EU to get out of this mess caused by the referendum on Brexit

If this happens with what the British population know now, the Chances of the UK reversing the first referendum and remaining in the EU is a distinct possibility and may see the pound find its former glory.