Sterling hovered below a recent nine-month high today before a series of indicative votes in the British parliament on how to break the Brexit impasse. 

Options include stopping Brexit to a new customs union to Prime Minister Theresa May's existing deal still in the mix.

But markets doubt there will be a conclusion tonight and the full process of finding an advisory plan could run up to Monday.  

But on a weekly basis, the British currency was slightly firmer indicating that the recent events in the Brexit process have been welcomed with some cautious optimism though the risks of more political uncertainty have capped gains. 

Against the dollar, the pound was flat at $1.3195 and broadly unchanged at 85.36 pence against the euro.

It had hit a high of $1.3380, its highest level since June 2018, earlier this month. 

Andrea Leadsom, who is in charge of the British government's business in parliament, has warned that MPs' plans to wrest control of the Brexit process today may produce a result that the government cannot negotiate.

In a sign of how nervous the currency markets have become, expectations of how much the currency would move in the coming weeks have climbed faster than bets on how volatile the pound will be over a year.