Labour party said to back an amendment to stop no-deal Brexit

According to the latest headlines floating on the wires, the UK Labour party is said to be highly likely to back a proposal put forth by one of its members that would force the government to rule out a no-deal Brexit.

Labour MP Yvette Cooper put forth an amendment that basically lays out the option for parliament to come up with its own "Plan B" in order to prevent a no-deal Brexit outcome if a deal isn't passed by Feb. 26.

The news further diminished chances of a no-deal Brexit and was evident from a fresh leg higher for the British Pound, lifting the GBP/USD beyond the key 1.30 handle and dragging the EUR/GBP cross to over 2-month lows.