GBP/AUD Will Likely Continue Falling

GBP/AUD moved sharply to the downside today after it found some resistance at 1.7180 and formed a pair of very telling candlesticks signalling for such a drop – namely a shooting star candlestick and a hanging man candlestick, both on the daily time-frame below that resistance. The pair is currently testing the support at the last low at 1.6940 and depending on whether it will break out below that level there could be a further move to the downside towards the next major support at 1.6890, which coincides with the (MA)89 indicator on the four-hour time-frame. Should there be a breakout below that level as well the pair could drop towards 1.6760.