When we look at GBP/AUD in the daily chart, we see a bearish market that has been in a bullish correction in November after it found support around 1.58. As we can see in the daily chart, price has since rebounded to 1.6975. GBP/AUD Daily Chart 11/28(click to enlarge)Bears in Charge:- The fact that price could not push above 1.70 reflects the bearish mode. - Perhaps, the November bullish correction is over, and GBP/AUD is getting ready for bearish continuation.Price Top:- Taking a look at the 1H chart below, we can see a price top forming - something like a head and shoulders or rounded top.- As we can see price is breaking below the neckline around 1.6650. - Price has already broken below the 200-, 100-, and 50-hour simple moving averages (SMAs). We already got a "bearish slingshot" signal when price came up and found the cluster of SMAs as resistance. - Finally, when we look at 1H chart, we can see that price has broken below November's rising trendline.GBP/AUD 1H Chart 11/28(click to enlarge)Key resistance around 1.6750- The bearish breakout found support at 1.66 and we are seeing a bullish attempt from here. - If this extends, look for resistance as price approach 1.6750. - We can see this as a support and resistance pivot going back to the left part of the chart. - We can also see that the cluster of SMAs reside just above 1.6750. They should provide resistance if the market is indeed turning bearish.Bearish Outlook:- For a short-term outlook, the 1.64 level in sight. - For a medium-term outlook, because the prevailing trend is still bearish, the 1.60 psychological level and November low is in sight, but we should also anticipate support around the 1.61 area, because that has been a common resistance to a price bottom and this could turn into support. I think these bearish targets are all viable. Remember, the GBP/AUD is bearish in the daily chart, the most bearish of these targets 1.60 is not even a new low. I am showing respect to the 1.58 support in case the GBP/AUD is indeed pivoting from here for a bullish reversal or even just a significant period of sideways consolidation.