GBP Higher Ahead of UK Parliament Brexit Decision

The U.K. Supreme Court will soon decide on whether the U.K. government must allow lawmakers to have a say in starting the Brexit process. But regardless of what the court decides, the pound may still have room to rise, market strategists said.

Investors will watch for a decision Tuesday on whether U.K. Prime Minister Theresa May must consult the U.K. parliament before triggering Article 50, or the process for Britain to exit the European Union. The government is appealing a High Court ruling in November that sided with litigants who argued that the government must get parliamentary approval before it enacts Article 50.

The Supreme Court will issue its decision on Tuesday at 9:30 a.m. London time, or 4:30 a.m. Eastern Time

Pound pushes up: The pound has risen more than 2% against the U.S. dollar since last Tuesday, and is now trading around $1.247 for the first time since mid-December, FactSet data showed.

via MarketWatch

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza