Supreme Court rules against Boris

Brexit outlook remains uncertain

The UK Supreme Court has ruled against Boris Johnson’s government, deeming the decision to suspend Parliament for five weeks unlawful.

The decision is, at the very least, a humiliation for Boris and has predictably led to calls from the various party leaders for his resignation. Whether it has come as a surprise to the Prime Minister is difficult to say but I’m sure he will have been prepared for this possible eventuality.

It’s extremely difficult to say whether the ruling will be a game changer or nothing more than a headline maker but it will certainly ramp up the Brexit theatrics, just over five weeks ahead of the end of October deadline.

Sterling is probably an accurate reflection of the news, with it initially spiking on the defeat for Johnson’s pro-no deal government, before settling back around pre-ruling levels (at the time of writing).

GBPUSD 5-Minute Chart

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What will come next is anyone’s guess but I’ll be very surprised if Johnson doesn’t have another card up his sleeve. The Brexit soap opera is just getting started.

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam