GBP pairs likely to have found some support after surprise ECJ ruling

Wednesday, 17/05/2017 | 06:05 GMT

News out yesterday from the European Court of Justice

This story crept under the wires when it broke but our eagle-eyed long-time reader Lilac was up to the task of noting it.

This from The Telegraph:

Britain's ambition to sign a quick Free Trade Agreement with the European Union after Brexit has received a significant boost after a landmark ruling by the European Court of Justice handed expanded trade negotiation powers to Brussels.

The much-anticipated decision from the court in Luxembourg surprised experts by ruling that on key areas - including financial services and transport - the European Union does not need to seek ratification of a trade deal by the EU's 38 national and local parliaments.

Trade experts said the ECJ ruling could substantially reduce the risk of any future EU-UK free trade agreement getting bogged down in the EU national parliaments, opening the way for an FTA to be agreed by a qualified majority vote of EU member states.

The news came out as GBP was in decline yesterday after the UK inflation-led spike and it's reasonable to assume that the pound will have found a bit of support from the news.

In any case, be advised and informed.