“The legal risk remains unchanged that if through no such demonstrable failure of either party, but simply because of intractable differences, that situation does arise, the United Kingdom would have … no internationally lawful means of exiting the Protocol’s arrangements, save by agreement,” Cox said in the statement.

Wild Ride Ahead for Sterling

British lawmakers are set to vote on the revised Brexit deal Tuesday night, which should be a rollercoaster ride for the sterling.

“The move in GBP overnight (Monday) reflects the fact that May’s plan is back in the running,” Jane Foley, head of foreign exchange strategy at Rabobank, told CNBC. “We could see EUR/GBP dipping to 0.84 initially and cable pushing to 1.34 if a deal was passed.”

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Against the dollar, the currency is down 5 percent over a one-year period, but all could change if the latest Brexit deal obtains approval. However, it could be more doldrums ahead should a rejection take place.

“If it fails, we’ll see GBP fall on the back of short-term positioning being taken off,” said Jordan Rochester, a foreign exchange strategist at Nomura. “But the move would likely be capped to no more than 0.87 in EURGBP given Article 50 extension still leaves open the options of softer Brexit and people’s votes in market pricing.”

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