GBP/USD spikes to fresh session tops, around mid-1.3100s

   •  Hopes for a Brexit extension now seemed to underpin the British Pound.
   •  The no-deal Brexit vote might infuse fresh bout volatility on Wednesday.

The GBP/USD pair finally broke out of its Asian session consolidation phase and spiked to fresh session tops, around mid-1.3100s in the last hour.

After yesterday's rather volatile swings, led by a flurry of incoming Brexit headlines, the pair regained some positive traction on Wednesday and remained supported by hopes that the UK Parliament will also reject Wednesday's no-deal motion. 

It is worth reporting that UK PM Theresa May’s revised Brexit deal was rejected in the House of Common for the second time on Tuesday and eventually led to a second vote on leaving the European Union without any deal on Wednesday. 

Meanwhile, the latest leg of a sudden uptick during the early European trading session lacked any obvious catalyst but followed the news that the UK announced a temporary tariff cut on up to 87% of total imports in the case of a no-deal Brexit.

With Brexit developments turning out to be an exclusive driver of the sentiment surrounding the British Pound, the pair seemed rather unaffected by a modest US Dollar uptick, supported by a goodish bounce in the US Treasury bond yields. 

Hence, today's US macro data - durable goods orders and PPI figures seem unlikely to provide any meaningful trading impetus as the focus remains on today's vote, which if fails will be followed the last vote for an extension of Article 50 on Thursday. 

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