UK Parliament Reconvenes on Supreme Court Ruling: GBPUSD Gains

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Written By: Eno Eteng (MSTA)

Sep 24, 2019, 15:11 BST 15:11

Brexit

Summary:

GBPUSD gains broadly as UK Parliament's lower house is to resume sitting on Wednesday September 25 after the ruling of the UK Supreme Court.

The GBPUSD has reclaimed the intraday highs attained today on the UK Supreme Court decision which rendered the prorogation of the UK Parliament null and void.

Consequently, the Speaker of the House of Commons John Bercow says that he has asked the relevant authorities to begin preparations for immediate reconvening of the House of Commons. The UK Parliament’s lower house is to resume sitting at 11.30am on Wednesday September 25.

Bercow further added that there will be allowance made for urgent questions, ministerial statements and emergency debates.

In the meantime, UK PM Boris Johnson has agreed to respect the decision of the UK’s apex court, even as he opined that the decision of the court was wrong. PM Johnson is to fly back to the UK after his speech at the United Nations General Assembly today.

The UK Supreme Court ruling is viewed as a positive event for the Cable as it raises hopes that all hands would now be on deck to ensure that a deal is obtained before the Oct 31 Brexit deadline. The GBPUSD is now trading at 1.24928 and looks good to breach the 1.2500 psychological resistance level.

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.