FxWirePro: GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD slipped below 1.9600 level on Wednesday after data showed Britain's economy stagnated unexpectedly in July .

• Economic output showed no change in month-on-month terms in July, as it did in June, data from the Office for National Statistics showed on Wednesday.

• The figures are unlikely to alter expectations that the Bank of England will implement another interest rate cut this year, with the most likely timing being November rather than September 19..

•A daily close fall  50%fib  will further improve the technical outlook, and open the possibility of a drop towards 1.9500 level

• Immediate resistance is located at 1.9708(38.2%fib), any close above will push the pair towards 1.9771(Jul 25tht high).

• Immediate support is seen at 1.9567 (50%fib) and break below could take the pair towards 1.9500(Psychological level).

Recommendation: Good to sell around 1.9590, with stop loss of 1.9650 and target price of 1.9500