Sterling fluctuated Monday with traders reacting to various media reports ahead of a crunch Brexit vote this week.
The pound initially fell to a three-week low versus the dollar after a report suggested Prime Minister Theresa May could alter a vote scheduled for Tuesday evening. The U.K. leader was expected to hold a second "meaningful" vote on her Brexit withdrawal agreement, after the first back in January saw her plans rejected by a large majority of U.K. lawmakers.
But U.K. newspaper The Sun, a tabloid that is also the most read in the country, said that she is being urged to downgrade the vote to make it purely symbolic. Sterling slipped to 1.296 against the greenback at around 9:30 a.m. London time after trading near $1.301.
Shortly afterwards a pro-Remain lawmaker, Yvette Cooper from the opposition Labour party, said the U.K. Parliament could wrest control of Brexit if May failed to find a consensus with her vote on Tuesday. The pound rose on the comments, pushing back up to $1.300.
By midday London time, the British currency surged again after a May spokesperson confirmed that Tuesday's vote would be going ahead. Sterling hit a session high of $1.3034. By 2:00 p.m. London time it reached $1.308 with a report that May was traveling to Strasbourg for more last-minute talks with the EU.