The pound jumps following Brexit court ruling
Brexit update encourages GBP movements
by Abi Moses on 15th November, 2016
Today has started another chapter in the Brexit story of woes, with parliament now having to vote on whether or not the UK can start the process of exiting the European Union. Ruled by the High Court, the government are appealing this rule, with a further hearing expected to be concluded next month.
Bringing another layer of uncertainty to the table Sterling has obviously been affected, rising against the Euro, having risen by 1 per cent, the biggest hike since August.
The court ruling has "made triggering Brexit a lot trickier and has given Sterling a massive shot in the arm", said Neil Wilson at ETX Capital.
The Pound was up 1.2% at $1.2450 following the decision, but the FTSE 100 fell 0.6% to 6,806 points, a drect result of these latest Article 50 related issues.
Connor Campbell from our partners Spreadex says:
"Even if it does go to a parliamentary vote, it is unlikely MPs will want to be seen as going against the referendum result by blocking the enacting of Article 50. Nevertheless the Pound was due some good news, and it has certainly taken advantage of this brief glimmer of hope," he added.
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