A very big day today for the Brexit watchers; UK high court is set to rule today whether the government led by newly elected Prime Minister Theresa May can trigger the Article 50 divorce clause without consulting the parliament or not. Prime Minister has vowed to trigger the Article 50 by March next year and the challengers to that have already presented their arguments before the court.

The challengers, led by investment manager Gina Miller argue that the rights granted by 1972 European communities act cannot be withdrawn from without the explicit approval of the parliament. While the government has indicated that the members of the parliament can vote on the final Brexit deal but there is an established constitutional convention for the executive (Prime Minister) to use powers of royal prerogative to withdraw from an international treaty and the referendum give power to the government to move ahead.

Last month, an argument made to the Irish High court in Belfast that the regions which voted in favor of a stay like Scotland and Northern Ireland can revert Brexit, have already been rejected. The court has ruled that the regions have no power to overturn the Brexit.

The decision of the court is expected to be announced around 10:00 GMT. Expect lots of volatility in the pound that is currently trading at 1.235 against the dollar.