The British pound reached a two-month high against the US dollar, after the second day court hearings about who has the right to activate Art 50 of the Lisbon Treaty. The British pound appreciated for sixth straight day against the US dollar after in November recorded its first monthly increase since April.
The British government has already lost a case in the High Court of London. The court ruled that the British Parliament must vote before the process of exit from the European Union (EU).
If the Supreme Court confirms the decision, then MPs in Britain will have a say on Brexit. This is partly ease concerns in the market for so-called hard Brexit, suggesting more control over immigration at the expense of more limited access to the EU single market.
The decision of the Supreme Court of November 3, which seems more in favor of parliament, the markets look to the Supreme Court, considering that the chances of the government winning are much lower. Now the market rather share the view that the so-called. Solid exit from the European Union can be avoided.
The GBP/USD rose by 0.14% to 1.2750, having earlier reached 1.2775, which the highest level since October 4th. The GBP also appreciated against the EUR by 0.31%.