The lifeline to the pound given by the High Court ruling that the government will need to seek approval of the parliament in order to trigger the Article 50 divorce clause, the first requirement to begin the process of separation, may prove to be a short one. The government led by Theresa May, which is opposed to the idea of seeking parliamentary approval has appealed to the Supreme Court on the decision and a hearing has been granted.

So, mark your calendars for 5th December, when all 11 judges of the Supreme Court will sit and hear the case. The hearing is expected to last for four days and if the Supreme Court overrules the High Court ruling, then pound may start diving again with increased volatility.

If the Supreme Court upholds the High Court ruling, the pound is likely to move higher. However, such ruling is unlikely to prevent the triggering of Article 50 as most of the politicians including the prominent opposition members are likely to abide by the referendum but it would lead to an exposure of the strategies of the United Kingdom or the stance to be taken in the upcoming negotiations with the members of the European Union.