Labour, the main opposition party in the UK, announced it is supporting and whipping to support the Common Market 2.0 amendment later today. The move represents a shift towards a softer Brexit and will also allow free movement, which may be an issue in some Leave-supporting constituencies.
The decision by leader Jeremy Corbyn and his colleagues raises the chances of it passing and serving as an alternative to PM Theresa May's Brexit agreement with the European Union. The votes are non-binding but present an alternative.
GBP/USD is flirting with the highs of the day around 1.3120 following the statement.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.