As the pair drags upswings near 1.9313 which is a stiff resistance, near-term pullbacks are seemingly still well supported DMAs.

While these levels hold the trend we have been witnessing the last week or so from the 1.8677 region remains intact and is adding further cushion for retesting 1.9313 highs. 

Execution: Well, keeping the above technical factors in mind, it is advisable to go long in 2M (0.5%) OTM 0.38 delta call while writing 1W (1%) ITM call with positive theta and delta closer to zero (both sides use European style options), this credit call spread option trading strategy is recommended when the GBPAUD spot price is anticipated to drop moderately in the near term and spikes up in long term.

Trader expects that the underlying spot FX price would drop to ITM strikes on expiration and thereafter bounce back again.

Thereby, you are speculating the spot GBPAUD’s struggle in short run by shorting, and lock in any dramatic upside risks caused by event risk in next two months which is especially Brexit fear via longs in OTM strikes which is why we've used diagonal expiries.

Margin: Yes for ITM shorts.

Return: The return is limited by ITM shorts. No matter how far the market moves below that point, the profit would be the maximum to the extent of initial premiums received.

Risk:  If the underlying spot FX price rises above the strike price of the higher strike call at the expiration date, then the bear call spread strategy suffers a maximum loss equals to the difference in strike price between the two options minus the original credit taken in when entering the position.

Effect of Volatility: No effect.