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The BBC’s Laura Kuessberg  said that the pro-Brexit European Research Group (ERG) has decided to abstain in today’s votes in Parliament. The House of Commons debates motions regarding avoiding a no-deal Brexit. The abstention of the group led by Jacob Rees Mogg sets the government for a defeat. A defeat sends a signal to Brussels that the government is not in control.

GBP/USD dropped on the report, hitting a fresh one-month low of 1.2798 before bouncing back to just above 1.2800.

GBP USD ERG not supporting government Valentine's Day