In another setback for Brexit negotiations, the UK Supreme Court has issued a judgement requiring both the House of Commons and House of Lords to approve triggering Article 50 of the Lisbon Treaty. Although Prime Minister Theresa May mentioned this likelihood a week earlier during her speech, this development could add another obstacle to beginning exit negotiations during the end of March as planned.
While many parliamentarians belonging to the House of Commons have indicated that they will reflect the will of the people and respect the referendum results, the House of Lords has made its reservations widely known. Nevertheless, any move against “Brexit” could conceivably catalyze a constitutional crisis, making the likelihood of disapproval very small. After a brief downtick, the Pound continues to gain ground versus the Euro, extending gains for a third straight session.