"I'm not sure that the agreements with the European Union are a major change...that they continue to be promises of goodwill, but we have heard what the Irish have to say", he said, adding, "Many Conservatives will be heavily influenced by the DUP's (Democratic Unionist Party's) view", which appears to be rejecting the deal.
The fall means the pound has given up all the gains in made after May claimed she had secured "legally binding" changes to the withdrawal agreement.
"It's an insurance policy, nothing more or less".
Underlining her deal, which saw a historic defeat in January, needed legally binding changes, May said "today we have agreed them".
"It feels like an example of the things Britain is choosing to walk away from, which makes me very sad", Anthony Zacharzewski, a British-Polish citizen who runs a nonprofit organization in Brussels that promotes political participation and democracy, said.
British lawmakers' concerns about the divorce deal center on a provision created to keep an open border between the UK's Northern Ireland and European Union member Ireland. It sets out a number of commitments to enhance and expedite the process of negotiating and bringing into force the future relationship.
The MLA for Foyle commented: "Sooner or later, the British Parliament is going to have to support a Backstop for Northern Ireland or else support no Brexit at all; there is no happy medium between these two eventualities".
"In light of our own legal analysis and others, we do not recommend accepting the government's motion today", group member Bill Cash said.
In January the British Parliament rejected May's deal by 230 votes, the biggest defeat for a government in modern British history.
"We have an opportunity now to leave on March 29 or shortly thereafter and it's important we grasp that opportunity because there is wind in the sails of people trying to stop Brexit", Hunt told the BBC.
If the deal is voted down again, on the following two days lawmakers are expected to discuss and vote on two amendments.
Environment Secretary Michael Gove - one of the leaders of the official Leave campaign in the referendum - became the latest Cabinet minister to urge MPs to vote for Mrs May's deal.
Mike Ransom, 52, said he was glad the deal was rejected, but that he was "confused".
Some British lawmakers warned their Brexit-backing colleagues that rejecting the deal could lead to Britain's departure being postponed indefinitely, because a delay would give momentum to opponents of Brexit. No alternative arrangements, unilateral exit facility or time limit. If that is rejected as well, a vote on extending the Article 50 period will be held on Thursday. It is good news for Irish beef and dairy producers sending products to the North, who will be able to export their products across the Border tariff-free, while Britain imposes high tariffs on similar imports from elsewhere.
The British government acknowledges that the regime will hurt Northern Ireland's businesses but says the need to keep the Border open trumps economic concerns.
The party's position on the border backstop could also influence how some Tory Brexiteers approach the issue.
Complicating the situation have been the various objections of different political groupings in the United Kingdom: while the government is adamant it wants to exit the customs union, the right-wing European Research Group of MPs have all along wanted a guaranteed legal means for the U.K.to exit the backstop unilaterally to avoid becoming "trapped" in indefinite customs arrangement, which would prevent the United Kingdom from negotiating other trade deals.
The Commons later sent her back to renegotiate the backstop.