Pound options traders seem to be positioning for the possibility that the U.K. will delay its exit from the European Union. Investors are now more negative on the currency in nine months time rather than on three-month contracts that capture the March 29 exit date, risk reversals show. That comes as the market has priced in the likelihood that Parliament will reject Prime Minister Theresa May’s Brexit deal next week, increasing the chances the government will be pushed to extend Article 50. The spread between three- and nine-month tenors on risk-reversal options, a gauge of positioning and sentiment, is now at the ... (full story)