So far this morning the GBP/USD cross has risen over a cent, with the currency pair climbing from $1.2334 to a high of $1.2435. This mornings spike leaves the pound trading at its highest level against the dollar since 10th October and we still have the Bank of England announcement to come at midday.
GBP/USD graph
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The High Court has ruled parliament must vote on whether the UK can begin its formal divorce proceedings with the European Union. The ruling means Theresa May and her party cannot trigger Article 50 of the Lisbon Treaty on their own, however we have already had confirmation they will look to appeal the decision.
Prime Minister Theresa May has stated previously that she will look to trigger Article 50 by the end of March 2017 and push ahead with a "hard Brexit", indicating that the UK could give up access to the single market.
Her stance is one of the main reasons the pound has continued to fall over the last couple of months, as giving up access to the single market creates even more uncertainty over the long term future for the UK economy.
At the moment it is still unclear what this could mean for Brexit, but the last hour has shown us that investor confidence has returned slightly as the government may now have to use a softer approach to negotiations.
I will of course keep you updated with any developments and movements following the Bank of England announcement a little later.
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