PM May made a concession on the "meaningful vote" amendment but that deal may be collapsing
The London Times is reporting that UK PM May's truce with pro-EU rebels is close to collapse.
May made concessions yesterday in order to pass the "meaningful vote" amendment. However, there is speculation that the concession for ongoing discussions would not lead to more power for the MPs on Brexit if there is no deal or a deal is rejected by negotiations..
As a result, it may head back to the House of Lords where another amendment will be drafted.
The GBPUSD is higher and tests the 200 and 100 hour MAs at 1.3381 and 1.33868 respectively. The idea is that the Brexit could be softer if the amendment passes.
Meanwhile Brexit minister Steve Baker appeared to rule out the government backing the pro-EU rebels plan, saying to the Guardian, "It is a constitutional innovation which would be totally unprecedented. You cannot have 650 MPs conducting the negotiation".
So the uncertainty continues which makes the GBPUSD susceptible to increased volatility.