FxWirePro: GBP/AUD falls on weak UK PMI data, outlook strongly bearish

• GBP/AUD declined on Tuesday  as weak UK PMI data weighed on Sterling .

•Private-sector economic activity fell at its fastest rate in two years in January, the S&P Global/CIPS flash composite Purchasing Managers' Index (PMI) survey showed.

• The pair hit daily low at 1.7453, it was last down 0.58% at 1.7491 at GMT 16:35.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 39.

• Immediate resistance is located at 1.7638 (50 % fib), any close above will push the pair towards 1.7721 ( 5DMA).

• Strong support is seen at 1.7443 (38.2% fib ) and break below could take the pair towards 1.7381(Lower BB).

Recommendation: Good to sell around 1.7480, with stop loss of 1.7600 and target price of 1.7400
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