With Boris Johnson's plan to pass the Brexit vote this weekend unexpectedly rejected, after the Prime Minister was once again let down by a Parliamentary majority demanding the vote be delayed, cable has predictably tumbled, and after spiking as high as 1.2967 on Friday amid rampant speculation that a passage of the Brexit deal was virtually assured, which prompted a violent short squeeze, moments ago UK spread betting company IG noted that cable has tumbled over 120 pips...

... sliding as low as 1.2809/1.2839 in weekend trading.

Boris now has until midnight to request an extension as per S. 1(4) of the Benn act: https://t.co/PnafvvSd5M#GBPUSD 12836 -1.02%#IGWeekendMarkets — IGSquawk (@IGSquawk) October 19, 2019

Ironically, with pound positioning having been massively short until very recently, when a historic squeeze flipped the net speculator balance bullish in recent days, absent a viable resolution and some clear path forward that does not involve a legal challenge, the odds of a no deal Brexit hitting on Oct 31 are once again all too real, and the result will be a violent reversal as shorts once again flood the pair...

... sending cable sharply lower when trading resumes late on Sunday.