Pound strengthens after parliamentary defeat leaves Brexit plan in tatters

Parliament on Tuesday struck down the divorce deal that Prime Minister Theresa May had negotiated with the rest of the European Union by a record margin. The defeat was expected, but the size of the loss — 432 votes to 202 — was a surprise.

The pound, which had fallen below $1.27 before the vote, reversed course and strengthened to $1.28 after. Some analysts had predicted the pound would rally if May suffered a major defeat because that would raise the chance of Brexit being delayed.

Follow live: Brexit crunch time

Britain is scheduled to leave the European Union at the end of March. It's unlikely that the deal negotiated by May can be substantially revised before that deadline.

Some supporters of Brexit want Britain to leave the bloc without a deal. Other potential outcomes include a second referendum or the collapse of May's government and a general election. There is increasing speculation that the whole process will be delayed.

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