GBP/USD climbs to 1.2450 on High Court ruling

GBP/USD has quickly tested fresh highs in the mid-1.2400s following the decision by the High Court on the role of the Parliament regarding Article 50.

GBP/USD bid near 1.2400

GBP has climbed to fresh multi-day highs vs. the greenback after the High Court said that UK government must get the Parliament’s approval to trigger Article 50. In addition, the High Court said Brexit question is purely legal while added that the government accepts the irrevocability of Article 50.

Spot remains well bid just below the 1.2400 handle following the decision of the High Court and ahead of the BoE’s interest rate decision, the Quarterly Inflation Report and the press conference by Governor M.Carney.

GBP/USD levels to consider

As of writing the pair is gaining 0.60% at 1.2380 facing the next resistance at 1.2450 (high Nov.3) followed by 1.2585 (2-month resistance line) and finally 1.2791 (55-day sma). On the other hand, a breach of 1.2086 (low Oct.11) would open the door for a test of 1.1450 (low post-‘flash crash’ Oct.7).