GBP/AUD Is Retracing

After yesterday’s speech by the British Prime Minister Theresa May regarding Brexit GBP sharply moved to the upside and GBP/AUD was no exception – the pair climbed with over 300 pips for eight hours, from 1.6090 to 1.6430. That move to the upside proved temporarily, however, because the pair encountered strong resistance at 1.6430, formed a spinning candlestick on the four-hour time-frame and started moving to the downside. Said move to the downside continues today and the pair just broke below 1.6280, which is the (MA)89 on the one-hour time-frame. GBP/AUD will likely continue dropping and its closest support level is at 1.6230. Considering how bearish the pair is, a breakout below that level is also possible.