The results
of the UK referendum had a major effect on all GBP-related currency pairs and
GBP/AUD is no exception. The pair fell with 1600 pips, reaching and then
breaking below the previous low at 1.8306, eventually dropping to the 1.8011
level. Although the pair retraced considerably, later it continued moving to
the downside, testing the support at 1.8170 several times. In my opinion, there
will be a period of sideways consolidation before it continues moving to the
downside, considering the current situation. Of course, when it comes to both
GBP and EUR-related pairs we should keep in mind that any news suddenly coming
out will likely have a major effect on them again.
I agree with your assessment.
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