The British pound jumped 0.8%to $1.2210 in early Asian trade on Wednesday. That was bouncing back from a low of $1.20 touched in late U.S. trade the previous day.

The rebound was boosted by British Prime Minister Theresa May accepting that the U.K. Parliament should be allowed to vote on her plan for taking Britain out of the European Union. The pound had been dropping against the dollar since last Friday when it plunged about 6% at 1.0 to a new 31-year low.

Analysts believe the outlook remains bleak for the currency given the uncertainty over Brexit negotiations and whether the Bank of England will further cut interest rates.