GBP/AUD Bounced Off from 1.7000

GBP/AUD kept testing the resistance at 1.7000 for over a day but failed to break out above that level, forming multiple spinning top candlesticks on the four-hour time-frame and one very clear and telling doji candlestick on the daily time-frame at the same level. Considering the doji candlestick it was unsurprising when the pair bounced off from the aforementioned resistance and started moving to the downside. For now GBP/AUD remains quite bearish and the move south will probably continue, the first target to the downside likely being around 1.6830, which is the (MA)89 indicator on the one-hour time-frame. The pair has almost reached that support level and a breakout below it will probably lead to a further drop towards the next support level around 1.6700.