GBP/AUD Is Very Bearish

Like many currency pairs GBP/AUD was caught in a sideways consolidation for the latter part of December, but with the coming of the new year it found a direction and it was to the downside. That was to be expected, as the pair formed a very telling shooting star candlestick on the daily time-frame, as well as a pair of doji candlesticks on the weekly time-frame, not to mention the spinning top candlestick that had formed on the monthly time-frame too. Currently the pair is still very bearish and its closest target is the previous low at 1.6546. A breakout below that level will likely lead to a further move to the downside towards 1.6400 and its long-term target is the support at 1.5800.