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According to the latest headlines crossing the wires, an alliance of opposition parties and rebels in British Prime Minister Johnson’s Conservative Party have applied for an emergency debate later today with an aim to prevent the UK from crashing out of the EU without a deal.

“An application for an emergency debate on the European Union (Withdrawal) has been submitted,” the House of Commons said, per Reuters.  “The Speaker will consider it later today. If successful, the debate takes precedence over today’s scheduled business under Standing Order 24.”

The British pound showed a surprising reaction to this development and erased a large part of its daily losses against its rivals. As of writing, the GBP/USD pair was down 0.3% on the day at 1.2030.