GBP/AUD Bounced Off 1.6480

After moving to the upside for several days GBP/AUD finally reached the resistance at 1.6480, which coincides with the (MA)89 indicator on the four-hour time-frame. Unsurprisingly, the pair bounced off that level after forming a clear doji candlestick on the smaller, one-hour time-frame and it is currently retracting. Should the move to the downside continue we can likely expect it to reach the next support at 1.6340, which coincides with the same indicator, but on the one-hour time-frame again. A breakout above the aforementioned resistance at 1.6480 would likely lead to a further move to the upside, towards the next resistance level, which is at 1.6630.