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.
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