GBP/AUD Is Testing the Support at 1.7360

GBP/AUD bounced off from the resistance at 1.7800 a little over week ago, although the only signal that the pair would do so could be found on the one-hour time frame – there was a distinct shooting star candlesticks right at the aforementioned level. The pair has been moving to the downside ever since and it is currently testing the support at 1.7360 which coincides with the (MA)89 indicator on the weekly time-frame. If the pair succeeds in breaking out below that level it will probably continue moving to the downside towards 1.7180, which is the same indicator, but on the daily time-frame. On the other hand, if GBP/AUD bounces off from 1.7360 it will likely retrace towards the resistance at 1.7600 – 1.7620.