After consolidation between 1.7200 and 1.6970 areas, GBP/AUD broke below the 1.6970 support and at the same time below the 200 Moving Average. A corrective wave up followed the breakout rejecting the 50 Moving Average.
Fibonacci applied to that corrective wave shows potential downside targets. Consider selling GBP/AUD at the current rate (1.6830) targeting one of the Fibonacci levels: 161.8% (1.6750), 261.8% (1.6620), 361.8% (1.6490). Suggested stop loss is 1.6940.
Support: 1.6835, 1.6750, 1.6620, 1.6490
Resistance: 1.6970
