Earlier in the day, the High Court ruled that the United Kingdom cannot trigger Article 50 of the Lisbon Treaty without British lawmakers' approval. The case had been filed by the People’s Challenge group represented by the Bindmans law firm. The group argued that the move would be undemocratic and would violate the unwritten UK constitution. Hearings on the case began in October.
The pound rose over 1 percent against the dollar in the following hour, reaching $1.24 per pound compared to $1.23 per pound in early Thursday trading.
Earlier in the year, the UK pound tumbled to its lowest value since the 1980s as a result of the June 23 Brexit referendum as fears of post-Brexit economic problems abounded. The currency fell from almost $1.5 per pound to around $1.3 per pound and fell further to around $1.2 per pound as Prime Minister Theresa May's government chose the "hard Brexit" path making EU single market access less likely.
