Just looked at it. 1.20 on GBPCHF is the low for me (2016 on the Weekly), pretty close to you - the stop would need to be 1.17 or less though. Could be a great opportunity to go long for the next 6 months / 3 years -assuming the swap rate is positive.

Would have to be on my larger account though, that's a 500pip or so stop loss.

Perhaps there might be an opportunity to get my long-term GBPCHF position open after this evenings action. Would like price to be back around the 1.19 lows.

I'm thinking similar to @anniecats673 a failed vote must be priced in, but I still think there will be a short term spike down and price will quickly (within the hour) recover back to where it started.

How violent the spike is will depend on how big a defeat, whether stops get hit, and if it moves enough to trigger momentum Algo's. Assuming the Algo's haven't been unplugged by then I guess.

Probably depends on how large the defeat is. If 200 votes plus then the GBP will go bearish for a short time. If not then I expect that there will not be too much reaction as surely a rejection of the vote must be already priced in. I think what happens after the vote may move GBP more. Just as you both said above....

A quick summary

#1 There appears to be a consensus that Parliament doesn't want to crash out. GBP+

#2 Rejecting plan A. GBP neutral (this is expected)

#3 We're moving closer to a second referendum. GBP+

#4 We remain in the EU because there is no other option with plan A rejected. GBP++

#5 Labour's vote of no confidence happens and a general election is called. GBP neutral or -

#6 Labour wins the next election and tries to renegotiate. We will remain in some sort of customs union. GBP+