Breaking: GBP/USD spikes to 1.2490 as UK Supreme Court rules prorogation was 'unlawful'

The UK Supreme Court ruled out that Prime Minister Boris Johnson acted unlawfully when he suspended parliament just weeks before Brexit.

Key Headlines:

President Hale says 'no justification with such an extreme effect has been heard by the court'.

Prorogation is void and 'is deemed as null effect’.

Speakers of Parliament to decide what to do next.

Court rules no step needed from Johnson.

Johnson's lawyer has told court that he would comply with judgment.

Ruling is unanimous on judiciability.

Parliament can be undermined by prorogation.

This was not a normal prorogation -not normal suspension of prorogation.

Prorogation prevented parliament carrying out its role.

The pound rallied hard on the UK Supreme Court ruling and tested the 1.2490 levels before retracing sharply to 1.2460 region, where it now wavers. 

Background

PM Johnson asked Queen Elizabeth to approve the prorogation, of parliament from Sept. 10 to Oct. 14, saying that he needed the time to prepare a new legislative agenda.

However, the UK opposition Labour Party believed that the real reason was to prevent parliament, from blocking his Brexit plans.