The Pound Sterling earlier hit a 4-week trough as FX traders await the outcome of the Parliamentary debate. The topic, of course, is the proposed amendment to the Brexit plans; analysts are hoping that the debate will provide some clues as to how the Prime Minister's plans with her EU counterparts will fare. Should things go poorly for Theresa May, another debate is scheduled for later in the month which could then smooth out any contentious issues.
As reported at 11:14 am (GMT) in London, the GBP/USD was trading 0.12% lower at $1.2833; the pair had earlier struck a low of $1.2813 while the peak was recorded at $1.2878 in this session. The EUR/GBP was trading higher at 0.8786 Pence, a gain of 0.31%, essentially range bound between 0.87570 Pence and 0.87874 Pence.
Traders Hope for New Referendum
One amendment up for discussion calls for a second referendum on the Brexit. It was reported in the media that several members of the Labour Party have said that they would resign their seats in Parliament if their leadership did not support the amendment. Analysts say that if the Prime Minister was similarly willing to support another Brexit referendum, that would provide a solid bounce for the Pound.