The fate of the EU withdrawal agreement remained uncertain after Prime Minister Theresa May and European Commission President Jean-Claude Juncker secured legally-binding and mutually acceptable changes in a last-minute meeting before Tuesday's key vote.
Following a last-minute dash to Strasbourg, the prime minister said she had secured the alterations to the withdrawal agreement demanded by MPs after they overwhelmingly rejected her deal in January. Both lawmakers and the public remain split between backers of a clean break from the European Union and those who favor continuing a close relationship, either through a post-Brexit trade deal or by reversing the June 2016 decision to leave.
May said the changes meant the Irish backstop - the insurance policy created to avoid a hard border between the Irish Republic and the United Kingdom province of Northern Ireland - could not "become permanent", the BBC reported.
Currency expert Stafford-Taylor added: "However, if parliament vote against May's deal there will be a fresh vote to consider tomorrow which could further influence to the pound's movement".
Brexit-supporting lawmakers in May's party had accused her of botching the negotiations with Brussels.
Britain's Prime Minister Theresa May speaks after the results of the vote on Brexit deal in Parliament in London, Britain, March 12, 2019.
MPs will now vote at 1900 GMT on Wednesday on whether Britain should quit the world's biggest trading bloc without a deal, a scenario that business leaders warn would bring chaos to markets and supply chains, and other critics say could cause shortages of food and medicines.
"If they do, it can be challenged through arbitration and if they are found to be in breach the United Kingdom can suspend the backstop", the prime minister said.
Mr Cox looked at the changes that Mrs May had agreed, but concluded that the legal risk had not changed.
A leading cabinet source said there was increasing concern about the prospect of a no-deal Brexit by accident - on 29 March or at the end of an extension period - if there was no parliamentary majority for May's agreement because time was running out to pass legislation necessary to block one. "Tomorrow, the House of Commons will debate the improved deal that these legal changes have created".
The Democratic Unionist Party, whose support May relies on in the Commons, said it would be "scrutinising the text line by line" before deciding whether to back the deal. If that is defeated - the likely outcome - lawmakers will vote Thursday on whether to delay Brexit, something that needs to be approved by the European Union nations too.
And if that is turned down MPs will have a third vote in three days on whether to extend Article 50 and delay Brexit. "It is this deal or Brexit might not happen at all".
The House of Commons has a total strength of 650 MPs.