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UK Supreme Courts Rules PM Johnson's Prorogation as Unlawful, GBP/USD Rise Reversed

UK Supreme Courts Rules PM Johnson's Prorogation as Unlawful, GBP/USD Rise Reversed

Justin McQueen, Strategist

GBP/USD Analysis and Talking Points

  • UK Supreme Court Rules PM’s Prorogation as Unlawful
  • GBP Sees Choppy Reaction as Political Uncertainty Persists

The UK Supreme Court ruled that PM Johnson’s decision to prorogue parliament had been deemed unlawful, adding that parliament had not been prorogued, while leaving the decision up to the Speaker of the house to decide when parliament should reconvene. Subsequently, the speaker John Bercow has stated that parliament should reconvene without delay. In reaction to this announcement GBP/USD saw a buy the rumour, sell the fact type price action, having initially risen to session highs of 1.2480 with the decision seemingly reducing the likelihood that Boris Johnson can force through a no-deal Brexit. However, this is yet another challenge to the Prime Minister’s authority, therefore resulting in further political uncertainty within the UK and thus keeping gains in the Pound somewhat limited.

GBP/USD Price Chart: 1-minute Time Frame (Intraday)

UK Supreme Courts Rules PM Johnson's Prorogation as Unlawful, GBP/USD Rise Reversed

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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