Cable is back above 1.31 (up 100 pips off the lows) after UK PM Theresa May managed to fend off an attempt by pro-EU Conservative rebels to force her to stay in a customs union with the bloc after Brexit.
As Bloomberg reports, it was a narrow escape.
The government won the vote 307-301. Beforehand, the government had considered pulling the whole bill if they had been defeated on that amendment.
And while cable is rebounding, it does not look convinced…
As The BBC reports, the rebelling MPs wanted the UK to join a customs union if it does not agree a free-trade deal with the EU. But the government, which says being part of a customs union will prevent it from striking international trade deals, won the vote by 307 to 301.
It did, however, lose a separate vote on its Trade Bill on the regulation of medicines after Brexit. MPs backed an amendment that would keep the UK in the European medicines regulatory network.
This is still far from over.