Forex Analysis Report 3/31/19 – Eyeing A Position Trade In GBP/AUD – Part 2

On Friday, the House of Commons rejected Prime Minister Theresa May’s EU Withdrawal Agreement for a third.  Now the UK will receive from the EU an Article 50 extension until April 12.  At that point, PM May will have to choose between requesting a much longer extension that would require participation in the EU parliament elections or a so-called no deal Brexit.  As expected, the British Pound dropped due to further uncertainty.

As a result, the GBP/AUD dropped as well and right into my daily demand zone that I have been waiting for. But just to recap the trade set-up

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