Like Brexit, the pound has seen a lot of dramatic swings recently but ended up pretty much where it began.
It's now close to the centre of the long-term range that so many have forecast over the past two years.
A 1.20-1.40 GBP/USD range is a widespread assumption, making this month's high a return to middle ground.
No one knows what to do.
Brexit seems to be going nowhere; neither does sterling.
If the spilt ever happens, GBP/USD bulls hope for an explosive rise to clear shorts.
Afterwards, though, the UK must deal with the costs of the split.
Without shorts to chase, sustainable sterling gains seem unlikely.
Today an election seems slightly more likely than Brexit, and election risk is a negative.
But it's more likely no election will occur and the stalemate will endure.
Whatever happens next, a break of the boundaries is not likely, far less so with cable in the middle.
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