The pound fell on Tuesday after the UK Supreme Court ruled that the Government must hold a parliamentary vote to trigger the start of official negotiations to exit the European Union.

But what does this mean for the pound and other financial markets in the long run? Here's a look at how strategists, economists and other experts are responding.

Kallum Pickering, economist at Berenberg

“In our base case, the UK remains the fastest growing major economy in Europe. And with the short-term risks to growth tilted to the upside, that trade-weighted sterling is down 15 per cent since last year seems somewhat excessive. But sterling is clearly heavily influenced by markets’ negative sentiment towards Brexit. Despite the good news today, which may prompt a short rally in sterling, the risk of clashes early on in the negotiations between the UK and the EU remains high. And with the [US Federal Reserve] set to hike the funds rate three times this year, risks to sterling outlook are tilted to the downside. That [the pound] could drop below $1.20 [against the dollar] by the middle of the year still seems likely.”

Geoffrey Yu, head of the UK Investment Office at UBS Wealth Management

“Though there will be some cheer among those with lingering hopes for a delayed Brexit, today’s decision represents a marginal delay, at most. The immediate relief will be short-lived. With the bulk of the market and British households now resigned to the reality of leaving the EU, many business will be making their Brexit contingency plans regardless of the delay. A prolonged sense of uncertainty does not mean Brexit will not happen, and we expect that Article 50 will be triggered in March regardless. Sterling investors will be sending their thanks to the Supreme Court today. The added complication in the Brexit timeline should see the pound gain further ground against the dollar.”

Adam Marshall, director general of the British Chambers of Commerce

“The practical impact of this ruling, not the political intricacies, is what interests business communities across the UK. What businesses will want to know is whether this ruling will affect either the terms of the Government’s approach or the timeline that firms across the UK have been told to expect. Businesses will also want to see action to ensure that this further political wrinkle does not add further to the volatility of exchange rates.”

Phillip Souta, head of UK public policy at Clifford Chance

“Today's result comes as a surprise to no one. Unfortunately for businesses and other institutions, Brexit still means uncertainty. Parliament remains divided and the outcome of the negotiations remain unknown. In addition, questions will soon be asked about how much trouble for the Government the Lords are capable of causing by means of amendments that may appear out of scope. While the expectations are that the unelected house would be unlikely to oppose the legislation, recent history has shown us how expectations can be upturned with regularity and gusto. The Government hopes that if they keep the scope of the expected bill very narrow, to just activating Article 50, then it is guaranteed to be amendment-proof. It is not that simple. That is the custom and practice of Parliament, but they can depart from it if they want to. Defeat in the House of Lords would not stop Brexit from happening, but it could delay it until mid-2020.”

Ranko Berich, head of market Analysis at Monex Europe

“Macro data is likely to regain some importance as a driver for sterling now that the trajectory of Brexit is becoming clearer, and political uncertainty is diminishing. Consumers and businesses now know a lot more about the size and shape of Brexit. How spending and investment patterns play out in the coming months will have a decisive effect on the pound.”

Supreme Court Brexit Challenge Show all 13 1 /13 Supreme Court Brexit Challenge Supreme Court Brexit Challenge People wait to enter the public gallery outside the Supreme Court ahead of the challenge against a court ruling that Theresa May's government requires parliamentary approval to start the process of leaving the European Union, in Parliament Square, central London Reuters Supreme Court Brexit Challenge Gina Miller, co-founder of investment fund SCM Private arrives at the Supreme court in London on the first day of a four-day hearing Getty Supreme Court Brexit Challenge A man waves the EU flag in front of the Supreme Court Getty Supreme Court Brexit Challenge Satirical artist Kaya Mar poses with two of his paintings in front of the Supreme Court Getty Supreme Court Brexit Challenge Pro-Europe protestors dressed as Supreme Court Justices stand outside the Supreme Court ahead of the first day of a hearing into whether Parliament's consent is required before the Brexit process can begin. The eleven Supreme Court Justices will hear the government's appeal, following the High Court's recent decision that only Parliament can trigger Article 50 Getty Supreme Court Brexit Challenge The eleven Supreme Court Justices will hear the government's appeal, following the High Court's recent decision that only Parliament can trigger Article 50 Getty Supreme Court Brexit Challenge Businesswoman Gina Miller arrives at the Supreme Court ahead of the first day of a hearing into whether Parliament's consent is required before the Brexit process can begin Getty Supreme Court Brexit Challenge Attorney General Jeremy Wright arrives at the Supreme Court in London EPA Supreme Court Brexit Challenge Protesters outside the Supreme Court in London, where the Government is appealing against a ruling that the Prime Minister must seek MPs' approval to trigger the process of taking Britain out of the European Union PA wire Supreme Court Brexit Challenge A protesters wearing a judge's wigs and robes stands outside the Supreme Court ahead of the challenge against a court ruling that Theresa May's government requires parliamentary approval to start the process of leaving the European Union, in Parliament Square, central London Reuters Supreme Court Brexit Challenge A protester holds up a placard outside the Supreme Court ahead of the challenge against a court ruling that Theresa May's government requires parliamentary approval to start the process of leaving the European Union, in Parliament Square, central London Reuters Supreme Court Brexit Challenge Pro-Europe protestors dressed as Supreme Court Justices stand outside the Supreme Court Getty Supreme Court Brexit Challenge A man waiting to enter the public gallery waves a European Union flag outside the Supreme Court ahead of the challenge against a court ruling that Theresa May's government requires parliamentary approval to start the process of leaving the European Union, in Parliament Square, central London Reuters

Peter Rosenstreich, head of market strategy at Swissquote