The pound bounced back.

The pound bounced back., FP Markets

The pound bounced back as traders cheered the defeat of PM Boris Johnson in Parliament on Tuesday night as rebel MPs sought to block a no-deal Brexit.

Sterling jumped higher against the dollar and euro on Wednesday morning after Tory rebels backed opposition parties to allow them to take control of the business in Parliament in a bid to stop the UK leaving the EU without a deal.

The value of the pound rose 0.48% to 1.214 against the dollar while it jumped 0.35% to 1.105 against the euro.

On Wednesday, a vote on a general election could be held later in the day.

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