After its recent slump, there was some positive news for Sterling in early morning trading today.

The pound has strengthened after the announcement of a High Court decision, which ruled Parliament, and not the UK Government, must hold a constitutional vote to decide as to whether to trigger Article 50 of the Lisbon Treaty.

Lord Chief Justice, Lord Thomas of Cwmgiedd, delivered the verdict earlier today. Subsequently, it could well slow the pace of the UK’s departure from the EU, as well as undermining Prime Minister Theresa May’s position in conducting negotiations with other member states in the run-up to the UK’s divorce from the EU.

The decision is likely to be appealed to the Supreme Court, with a potential hearing early next month. In the meantime, the pound is savouring this much needed boost, after numerous blows in previous months, increasing in value against both the euro and the US dollar. At the time of writing, Sterling was up almost 2 cents versus the dollar and the euro respectively.

Meanwhile, breaking within the last hour, the Bank of England has voted to leave interest rates on hold, at the current record low of 0.25%, whilst also announcing an increase in growth and inflation forecasts for 2017.

You can be sure this is just another chapter in the ongoing rollercoaster ride for the value of Sterling…

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