Forex Analysis Report 3/24/19 - Eyeing A Position Trade In GBP/AUD
Theresa May could be forced to quit as prime minister in the next few days with a number of her most senior ministers lining up a temporary replacement to the lead the country through Brexit.
The Cabinet has turned against May and is urging her to stand down, Sunday's editions of the Times and the Mail both report, after a week which saw the Brexit crisis worsen and her relationship with MPs hit rock bottom.
The prime minister angered virtually all sides of her Conservative party and the House of Commons as a whole this week when she blamed MPs for the current impasse in Westminster over Brexit.
The Brexit process has posed many unforeseen challenges to the British pound sterling. might I add. Over the course of the Brexit process, several key events served as stimuli for volatility facing the GBP. The surprised Brexit vote saw the Pound just crater...due to uncertainty and what would come next. Negotiations on Brexit saw the Pound recover over the last couple of years. The take away here traders will sell the Pound on uncertainty and buy the Pound when things are clear with regards to where things are headed.
If Theresa May does step down, I anticipate a short sell off in the Pound and because I missed my entry on GBP/AUD on Friday, this may be the event to get in and take it long. Lets go to the charts to see the trade set-up.
Monthly Chart (Curve Time Frame) - monthly supply is 2.0500 and monthly demand is 1.6150.
Weekly Chart (Trend Time Frame) – the trend is up.
Daily Chart (Entry Time Frame) – the chart suggests to go long on a pull back to the daily demand at 1.8250.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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