The British Pound Sterling, on Tuesday, January 24, dipped after the UK’s highest court ruled on a legal challenge over the Brexit vote.
The GBP was initially a little higher at more than $1.25 as the Supreme Court upheld a ruling that the Government needs the approval of Parliament to trigger Article 50 – the formal process of leaving the European Union.
However, it then dropped half a cent lower as the judges said there would be no need to consult with devolved administrations in Scotland, Wales and Northern Ireland – a decision that should speed up the exit process.
The pound then recovered a little but remarks by Scottish First Minister Nicola Sturgeon dragged it back down and by early afternoon it was nearly a cent lower compared to the start of the day.
Sterling had climbed to a five-week high on Monday as Donald Trump’s protectionist rhetoric and the confrontational start to his presidency weighed on the US currency.
The pound is about 17% down since Britain voted last June to leave the EU, which sent the currency to its lowest level against the US dollar since 1985.
The FTSE 100 Index, which benefits from a weaker pound, was up slightly. SkyNews reports.
