Cable spiked 50 pips after UK Prime Minister Theresa May told her parliamentarian peers that she is "close to agreement on Brexit transition." However, GBPUSD started to fade as reality hit the algos that this was nothing concrete.

May is appearing before the House of Commons today to update MPs on the government's Brexit strategy.

Some context for the move shows the scale of reaction...

10Y Gilt yields lifted modestly...

She is currently giving her opening statement, and it will be followed by a Q&A session lasting up to two hours.

Only in England...

Speaker tells off opposition MPs for “orchestrated heckling” of PM.

— PARLY (@ParlyApp) March 5, 2018

As Citi notes, FX traders should be ready for headline roulette in the next few days.