In a turnaround UK PM May has agreed to a vote on triggering Article 50 7 Dec

The news came out last night so not new but I'm just highlighting for good order and its potential impact on GBP pairs.

PM Theresa May has agreed to publish her plan for leaving the EU in order to avoid a possible Tory rebellion and defeat in the Commons.The government hopes this will persuade MPs to support its schedule for starting the process of leaving the EU.

Labour - which initiated the debate - said it would back the timetable but had wanted scrutiny of Brexit plans. Labour's shadow Brexit secretary Keir Starmer put forward a motion to be debated on Wednesday, with support from some on the Conservative back benches.

The party wanted to force the government to reveal its negotiating stance before formal talks with EU leaders get under way. Downing Street tabled an amendment agreeing to outline its strategy, in exchange for MP's approval of the government's timetable for triggering Article 50.

May and her govt are expected to win the vote, which is only being held in the Lower House passing full legislation through both the lower and upper houses of Parliament would prove far more problematic and we will note with interest the number of rebels who might vote against.

The Supreme Court is continuing to sit today and tomorrow and may refuse to accept the result of the Parliamentary vote, which is non-binding. Judges may demand that Parliament goes further and passes a piece of legislation which details exactly how Brexit will be negotiated.

The pound has lost a bit of ground since the news came out on the basis that May will win and hence be one step closer to triggering Article 50 by end- March so if she loses the risk will be to the upside of GBP pairs. We will in any case have to wait until January until the Supreme Court's decision.

GBPUSD currently 1.2647 near session lows as EURGBP creeps up through 0.8470

The vote is scheduled at the end of a debate due to start after PMQs but no specific time and will depend on how long the debate lasts.

12pm Prime Minister's Question Time
Ten Minute Rule MotionElectoral Reform (Local Elections and Miscellaneous Provisions) - Mr Ranil Jayawardena
Opposition Day DebateThe Government's plan for Brexit (15th allotted day)

More from the Beeb here and The Telegraph here