Brexit: GBP/USD is on the back foot, but for how long? - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank explained that Cable is weaker on the day but also shows little net change from NA opening levels Monday.

Key Quotes:

"UK public sector borrowing data was in line with expectations (GBP6.4bn for Dec) but the real focus for the session was on the UK Supreme Court’s Brexit decision."

"As expected, the High Court’s ruling was upheld, meaning that the UK parliament will get a vote on Brexit. We do not expect this decision to soften the exit at all or slow the decision materially; PM May has reaffirmed her end March goal for triggering Article 50 and Labour has made it clear that it does not want to hold up the process."

"Importantly, the Supreme Court ruled that devolved parliaments in the UK do not need to be consulted, averting (at least for now) more constitutional headaches for the government."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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