GBP/AUD Is Retracing

GBP/AUD is very bullish and it has been so for months now, not to mention that the pair finally broke out above the resistance at 1.7345, which is the (MA)89 indicator on the weekly time-frame. That said, every trend has its periods of retracement and consolidation, and the GBP/AUD is no exception – the pair met some resistance at 1.7600 and after forming a shooting star candlestick on the four-hour time-frame below that level began retracing. Currently the pair is testing the support at 1.7450 and if it breaks out below that level it could continue falling towards 1.7380 or even to 1.7345, which from a resistance level would become a support one.