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		</div><p>Sterling was in a resilient mood on Wednesday, holding onto gains ahead of a Parliamentary no-confidence vote on Theresa May’s Government.</p>
<p>The pound was trading broadly flat versus the US dollar and euro at 1.285 and 1.127 respectively, as MPs once again prepare to cast their ballot.</p>
<p>It comes after a day of drama as Mrs May’s authority was on Tuesday eroded further, losing a key vote when 230 fellow MPs rejected her Brexit Withdrawal Agreement.</p>
<p>However, sterling traders appear to have interpreted the result as Brexit being kicked into the long grass or cancelled altogether, a view that persisted on Wednesday.</p>
<p>Fiona Cincotta, senior market analyst at City Index, said: “Trades are taking an optimistic view of Theresa May’s historic defeat last night.</p>
<p>“The deadlock is so apparent in Parliament and the result so dire that traders view the chances of a no-deal Brexit as greatly reduced. Extending Article 50 and/or a softer version of Brexit, or no Brexit at all are the most viable options now, in the eyes of the market.”</p>
<p><a href="https://londonglossy.com/wp-content/uploads/2016/06/image-237.jpeg"><img class="aligncenter size-full wp-image-92925" src="https://londonglossy.com/wp-content/uploads/2016/06/image-237.jpeg" alt="" width="600" height="325" /></a></p>
<p>Bank of England governor Mark Carney also chimed in, saying the pound’s rebound after the Commons vote signals market hope that Brexit can be delayed, but warned over further volatility.</p>
<p>In a hearing with MPs on the Treasury Select Committee, he said financial markets also saw the prospect of the UK crashing out the EU without a deal as having waned.</p>
<p>However, Mr Carney said he did not put “much weight” on short-term market movements and that the market is “waiting”.</p>
<p>Mrs May is likely to survive the challenge to her premiership as Tory MPs, aided and abetted by the DUP, baulk at the idea of a general election and the possibility of Jeremy Corbyn as Prime Minister.</p>
<p>But with the Conservatives obliged to come up with a Brexit “Plan B”, the pound could yet be in for a rough ride.</p>
<p>“Sterling spent the day acting as if it didn’t have a care in the world,” said Connor Campbell, financial analyst at SpreadEx.</p>
<p>“The currency is in for another rough night, however, as investors prepare for the no-confidence vote in Theresa May and, dun dun dun, whatever fresh Brexit hell its aftermath brings.”</p>
<p> ;</p>
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