Currently, the range of potential outcomes includes: a May resignation, a vote of no confidence in the government, a general election, a second referendum on membership in the EU, a temporary stop on the withdrawal of Britain , or maybe even a sort of combination of all above.
"If nothing else, the events of the last two weeks suggest that distribution looks much more uniform," Nomura's strategists said in a research report published this week.
"In other words, high levels of uncertainty make all potential outcomes equally probable, including the tail risks of the" failed agreement "on the one hand, but remaining in the EU as the other".
The pound fell 11 percent from the US dollar since it peaked at $ 1.4335 in April 2018, partly due to growing concerns over the Brexit process. The British currency was trading around $ 1.2760 on Friday morning.
"We would expect a coordinated global central bank response to a collapse of the global financial market on a hard Brexit, such as liquidity support through forex swap agreements and possible forex interventions," said the Nomura strategists, when examining the risk of contagion in financial markets.
"But we stress that it may not be necessary if: a) we do not see a financial merger or b) no agreement Brexit planning finds much needed efforts in the last weeks before Brexit".
– David Reid of CNBC contributed to this report.