GBP/AUD rose during the weekend and continues its short-term uptrend. The pair has gained 0.22% since the start of the Monday session, currently trading at 1.8817 as of 05:20 AM UTC.

The price has moved within a horizontal channel since October 17, which resembles a symmetrical triangle, if a few highs that broke its resistance line are ignored. In technical analysis, a symmetrical triangle precedes a rally or a short-term crash, depending on whether the price breaks the upper line or the lower one.

However, fundamentals are even more critical now as the Brexit saga is about to reach its culmination soon.

The pound benefits from the fact that a no-deal Brexit is less probable. Although the UK still cannot decide how it should withdraw from the European bloc.

UK Prime Minister Boris Johnson reached an agreement on October 17, but the parliament has been hesitant since then. MPs finally endorsed it in a vote last Tuesday. But they refused to approve Johnson’s timetable that would meet the current Brexit deadline set for October 31.

The PM was forced to request an extension from the EU. Extension which he openly despises, as he had pledged to handle the massive Brexit task by next Thursday. Given the parliament’s hurdles, Johnson wants a national election on the matter. But he still needs the MPs’ approval for this. The parliament will put the election to the vote today.

Elsewhere, the European leaders are ready to grant another three-month extension. Last Friday, ambassadors of the 27 EU countries met in Brussels to decide the delay. While they didn’t set any date, they confirmed that the bloc would agree with an extension.

The EU is due to meet today to decide the extension date. A leaked draft seen by the media shows that the European leaders are ready to move the deadline to January 31, 2020. Also, the UK will have the option earlier if the deal is ratified by the parliament’s chambers.

GBP/AUD might become more volatile after the parliament’s vote for or against an election. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.