Sterling regained its morning losses on Monday afternoon after currency buyers appeared to trade on some hand signals from a politician at the center of Brexit negotiations.
Senior U.K. ministers were hunkered down in a cabinet meeting with Prime Minister Theresa May Tuesday morning, as the leader has tried to co-ordinate support for her plan to withdraw Britain from the European Union.
Upon leaving the meeting, the U.K.'s top negotiator in the Brexit talks, Dominic Raab, reportedly gave a thumbs up to press camped outside Downing Street. The hand signal from Raab was then tweeted by the BBC's political editor.
In an apparent interpretation that May had succeeded in attaining some form of cabinet unity, traders of sterling hit the buy button to recoup morning losses and bring the currency back near session highs.