The pound has another wobble 28 Oct
- High Court says ruling on royal prerogative use to trigger Article 50 relates only to NI law not England
- court rejects all the applicants arguments and finds in favour of govt
- not viable that NI veto Brexit for all of UK
- rejects argument that NI govt should pass legislative consent b4 Article 50 triggered
- the specific provision on consent of the people of NI is only required re whether it's part of UK or re-unification
That's the story that's being cited for the drop. Reader Biscotti highlighted the event earlier in the comments section.
To be honest I think it's stating the obvious to say that NI can not rule over Brexit judgement/vote but I'm no constitutional expert.
The petitioners now saying they will appeal to the UK Supreme Court.
GBPUSD has posted 1.2122 lows and EURGBP taken out the 0.8980 offers but stalled ahead of the next tranche/res at 0.9000 and now 0.8979 with GBPUSD bouncing back to test 1.2150.
As reader Max has just pointed out too the move could have been accelerated by month-end BUBA EURGBP buying which is now carried out over a few days rather than just the last day.
I know I keep saying it but this is a classic example of why I prefer to play from the short side. That's where the biggest risk remains for the moment. Keep selling those rallies to get best value but longs will be getting frustrated by the lack of recovery.
