U.K. Parliament would regain control of Brexit talks if Prime Minister Theresa May loses a scheduled Dec. 11 vote on her plans to exit from the European Union, according to local news reports. The British pound GBPUSD, -0.0236% rebounded from its session low and last bought $1.2716, down 0.1%, on the back of the news, according to FactSet. This comes as the second loss for May on Tuesday alone, after her government was also found in contempt of Parliament for failing to publish the full legal advice on her Brexit deal. This led sterling to drop to a 1 1/2-year low of $1.2659 earlier in the session. In the second vote on Tuesday, British law makers backed Member of Parliament Dominic Grieve's proposed amendment to take back control of Brexit if May loses next week's vote on her deal.

https://www.marketwatch.com/story/uk-parliament-poised-to-take-control-of-brexit-negotiations-if-may-losses-key-dec-11-vote-2018-12-04?mod=bnbh