Pound Climbs After U.K. Top Court Allows Parlimentary Vote On EU Exit Process

00:07, 24th January 2017

(RTTNews) - The pound strengthened against its major rivals in the European session on Tuesday, after the U.K. Supreme court ruled that the government cannot invoke Article 50 without getting approval from the Parliament.

Rejecting the government's contention, the Court granted the Parliament the right to debate and vote on the process of invoking Article 50 of the Lisbon Treaty.

The pound advanced to near 3-week highs of 0.8565 versus the euro and 1.2532 against the franc, from its early lows of 0.8633 and 1.2437, respectively.

The pound rose to a session's high of 142.08 versus yen, off its previous low of 140.94.

The pound recovered to 1.2533 against the greenback, off early low of 1.2436. The pound is thus not far from the vicinity of its early near 6-week high of 1.2545.

The next possible resistance for the pound may be found around 144.00 against the yen, 1.26 against the franc, 1.26 against the greenback and 0.84 against the euro.