Pound to euro exchange rate: Sterling mirrors Brexit uncertainty after MPs reject 'fast-track' debate

The pound has edged lower after an overnight fall following a week of mirroring the disputes in Parliament over Brexit.

On Tuesday evening, MPs voted for Prime Minister Boris Johnson’s Brexit deal but then rejected his plans to fast-track legislation through the Commons.

The EU will now decide whether to extend the October 31 deadline for Brexit.

Sterling rose initially on Tuesday after Parliament approved the deal but fell again after MPs voted against the three-day timetable for debate.

The pound fell 0.16 per cent to $1.2856 after a 0.7 per cent drop on Tuesday.

Against the euro, the pound eased to 86.55 pence following a 0.5% decline in the previous session.

Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo, said: "The pound will adjust in a narrow range for the time being.

"For now, the risk of a no-deal Brexit has receded, but there are still political uncertainties."