UK Parliament to debate on Article 50 legislation on Jan. 31

Statement read out in the House of Commons on Thursday told UK Parliament will hold a debate on the bill to authorize the government to trigger the Brexit process by invoking Article 50 of the European Union's Lisbon Treaty.

The debate is scheduled for two days, i.e. Jan. 31 and Feb. 1, which would be then examined during parliamentary committee sessions from Feb. 6 to Feb. 8. The final vote will be held on Feb. 8 and the bill then goes to the Upper House.

Meanwhile, the GBP/USD pair extended its reversal move from six week high and was hovering around 1.2600 handle, despite of upbeat UK GDP print.