The British pound traded in the green against the US dollar as investors digested the European Court of Justice’s (ECJ’s) ruling stating that the United Kingdom can unilaterally revoke its decision to leave the European Union “under certain conditions.”
Britain is due to leave the bloc on March 29, 2019, and May has agreed on an exit pact and an outline of the future EU-British ties with the other 27 EU states. But the proposed accord must yet be backed in the British parliament, where it faces stiff opposition.
Meanwhile, the UK government sought to appeal the decision by Scotland’s top court to consult the ECJ on the matter, but the country’s Supreme Court rejected the bid.
Sterling increased 0.33% against the greenback to a new session high, changing hands for 1.2769 at 9:45 am GMT. Meanwhile, the euro traded flat against the British pound, up 0.01% to go for 0.8915 at 8:48 am GMT.