Search ForexCrunch

The UK government must  pass Article 50 through parliament, as it is a change of UK law. This is the opinion of 8 justices against 3. The majority  explains the decision by saying that the exit from the EU affects the rights of the people. The  dissenting three members see the government’s prerogative. So, the ruling states that the government must present a bill, not a motion. This is a lengthier process but is unlikely to slow the  process.

On the other hand, the government does not need to consult Scotland or any other devolved entities regarding Brexit. This means that the  British parliament at Westminister will go ahead by exiting the EU. Scotland is clearly opposed to Brexit but does not have a say. They could have stopped the process.

GBP/USD bounces to 1.2530 but continues wobbling. Update: After the initial rise, GBP/USD changes direction and  falls to 1.2450.

Here is a quote:

Today, by a majority of 8 to 3, the supreme court has ruled that the government cannot trigger article 50 without an act of parliament

The United Kingdom’s Supreme Court was expected to make its ruling about the triggering of Article 50. Should parliament have a say? While UK PM Theresa May pledged to bring the final Brexit deal to parliament, her government wants to avoid initiating the process via a vote.

Back in November, the High Court ruled that  this  action must be voted on, and the government promptly appealed. It is hard to imagine the House of Commons voting against leaving the EU. While most MPs are in the Remain camp,  they are unlikely to defy the will of the people, as expressed in the EU  Referendum back on June 23rd, 2016.

GBP/USD was sliding from the highs ahead of the announcement, trading under 1.25. The Trump Dump had sent the USD lower and GBP/USD to a high of 1.2544.

More:  GBP/USD – Singled out and trumped up [Video]

Here is the pound/dollar graph: