• GBP/AUD edged higher on better than expected UK PMI data but gains were limited as investors remained on the sidelines in holiday-thinned trading.
• Data showed the S&P Global/CIPS UK Composite Purchasing Managers' Index (PMI) showed a preliminary reading above the 50 threshold for growth for the first time since July.
• Selling pressure will remain in the short-term, only a move above 1.9210 ( 38.2 % fib) strong resistance will shift the bias higher.
• Immediate resistance is located at 1.9110 ( 5DMA), any close above will push the pair towards 1.9210 (38.2% fib)
• Immediate support is seen at 1.9064 (23.6% fib) and break below could take the pair towards 1.8909 (Nov 2nd low).
Recommendation: Good to sell around 1.9120, with stop loss of 1.9200 and target price of 1.9060
