The UK Parliament rejected the Brexit deal as expected, and the margin matters. 432 to 202 is a whopping, devastating outcome.
However, after an initial dip, GBP/USD is on the rise to around 1.2750.
Earlier, GBP/USD rose to above 1.2900 on hopes for a European openness to renegotiate parts of the deal. There were also reports that the eurosceptic European Research Group (ERG) would support the agreement. Cable then not only pared all its gains but fell all the way below 1.2700.
Volatility is high and some forex brokers have limited leverage levels ahead of the vote.
Prime Minister Theresa May and opposition leader Jeremy Corbyn closed the debate.
It remains unclear what will happen next, with options ranging from no Brexit to a dreaded no-deal Brexit. Postponing Brexit is getting more and more likely. A delay would allow time to renegotiate, albeit the European Union rejects it. Other options include a second referendum and fresh elections.
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