GBP/AUD Is Consolidating

GBP/AUD has clearly been stuck in a relatively wide sideways consolidation from 1.8160 to 1.8500 for the past one month or so and so far there is no indication that there will be a breakout soon that will end the consolidation, that much is obvious on the daily time-frame. The candlesticks on the weekly time-frame are of no particular help either – after the initial shooting star candlestick the pair has formed a pair of spinning top candlesticks that just confirm the indecision. For now GBP/AUD is testing the support of said consolidation, a breakout below that level could lead to a further move to the downside towards 1.7900, which is the (MA)89 indicator on the daily time-frame. A breakout to the upside, on the other hand, could lead to a further move to the upside towards 1.8600 and above.