australian-dollar-coin - AUD

GBP/AUD has tumbled 0.30% in early trading on Tuesday, currently fluctuating at around 1.8750 as of 05:30 AM UTC.

The pair has moved within a symmetrical triangle since October 15. In technical analysis, pattern precedes a bullish rally or a steep downtrend, depending on which side of the triangle is broken. For GBP/AUD the price has just broken the lower line, anticipating a bearish trend in the coming days.

The next stop for the quotation might be between 1.8500 and 1.8600. Nevertheless, any relevant Brexit news could reverse the trend.


UK Parliament Rejects Johnson’s Election Bid

The British pound began to lose strength after the UK parliament rejected Prime Minister Boris Johnson’s bid to call a general election on December 12. This is the third time when members of the parliament (MPs) reject an election bid.

Johnson, who leads the governing Conservative Party, doesn’t have the power to hold an early election as he needs the approval of two-thirds of MPs, which means at least 434 votes. In this case, the PM has to convince the opposition to vote his bid. While 299 MPs supported the bid and only 70 voted against it, the bill failed to achieve the needed 434 votes.

The PM hopes to hold an early election in an effort to accelerate the UK’s withdrawal from the European bloc. He anticipates that the Conservatives would strengthen their position in the parliament after the election, which is not necessarily true. In the best-case scenario for Johnson, he would be able to move on with his Brexit plans by having the parliament’s support thanks to more seats won by the Conservative Party.

As of today, the opposition is too strong for the PM, with the parliament constantly rejecting his motions.

Jeremy Corbyn, leader of the opposition Labour Party, said that he couldn’t trust Johnson and wouldn’t approve a poll until the PM doesn’t definitively rule out a no-deal Brexit.

Johnson doesn’t give up his plan. Today, he will propose another motion to call for an early 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.