GBP/AUD Is Rallying

GBP/AUD tested and broke below the support at 1.6610, eventually reaching a low at 1.6546, but it could not quite reach the next support level at 1.6500 before bouncing off 1.6546 and sharply moving to the upside. What is more, the pair broke above the resistance at 1.6900 which coincides with the (MA)89 indicator on the daily time-frame with ease and it is still climbing. The pair is currently testing the next resistance at 1.7100, and if a break out above that level occurs it will likely lead to a further move to the upside. As for the target of said move to the upside – the last high the pair formed was at 1.7800, but whether or not GBP/AUD will climb that high remains to be seen.