The GBP/USD pair moved higher after the British Supreme Court, by unanimous vote, decided that the government's suspension of the British parliament was illegal. According to the statement, the advice given to Queen Elizabeth by Boris Johnson led her to believe that the proroguing of the Parliament was standard operating procedure; rather, the statement said it resulted in frustration and the inability for Parliamentarians to carry out their duties. The statement by the SC President also said that it was now in the hands of the Parliament and the Speaker of the House of Lords to decide the way forward.
The GBP/USD was trading higher at $1.2457 at 11:40 a, in London, a gain of 0.2011% and off the earlier session high of $1.24909. The EUR/GBP is down 0.1878% and trading at 0.8822 Pence; the pair has ranged from 0.88035 Pence to 0.88545 Pence.
Lawmakers Urged to Act Swiftly
Parliament is likely to move swiftly given the Brexit deadline, to work towards a more favorable agreement. The Speaker of the House of Commons has urged his peers to reconvene without delay. Analysts say that if it is determined that the Prime Minister intentionally misled the Queen with his “advice” that he will be urged to resign his position.