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Even as pound rallies, traders wary of post-election downside, options showExpectations of a Conservative Party victory in Thursday's UK election have sent the pound rocketing - but some investors are hedging themselves against a surprise outcome that could deal the currency a mighty blow. Since early November, sterling has rallied 2% against the dollar, hitting a seven-month high of $1.3180, while against the euro it reached a 2-1/2-year high of 83.94 pence , up 2.7% in the past month. Opinion polls put the ruling Conservatives on course for a parliamentary majority, enabling Brexit to go ahead by the end of January, 3-1/2 years after the referendum on whether Britain should leave the European Union.

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