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GBP/USD Daily Forecast – 24 January

Monday, Jan 23 2017
GBP/USD Daily Forecast – 24 January

There were no data releases from the UK tomorrow, with markets being focused on tomorrow's Supreme Court ruling. British Prime Minister Theresa May will learn on Tuesday whether parliament must agree to the triggering of Britain's exit from the European Union, potentially giving lawmakers who oppose her plans a chance to amend or hinder her Brexit vision. The UK Supreme Court will give its ruling at 9:30 a.m. (0930 GMT) in a landmark case on whether May can use executive powers known as known as "royal prerogative" to invoke Article 50 of the EU's Lisbon Treaty and begin two years of divorce talks.

Challengers, led by investment manager Gina Miller and backed by the Scottish government and others, say May must first get lawmakers' approval as leaving the EU will strip Britons of rights they were granted by parliament. That view was backed by London's High Court, prompting the government to appeal to the Supreme Court, the highest judicial body in the land. The case has attracted huge attention from markets, with investors hoping parliament will temper moves towards a "hard Brexit", and it has again brought to the fore some of the ugly divisions among Britons produced by last June's referendum.

 

In the US session, tomorrow, Existing Home Sales figures will be released. Decline to 5.54 million is anticipated.

 

Figures to watch:

 

EU Membership Court Ruling (Tuesday 10:30)

Existing Home Sales (Tuesday 16:00)

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