FxWirePro: GBP/AUD maintains bullish bias with focus on 2.0300 level

• GBP/AUD rose on Tuesday as stronger-than-expected UK PMI data buoyed sterling across the board.

• The S&P Global Purchasing Managers' Index rose to 52.1 in its preliminary measure for December from 51.2 in November.

• The PMI's overall reading and one for the dominant services sector were both the highest in two months, while the measure of manufacturing was the strongest in 15 months.

•Separate data showed, Britain's unemployment rate hit its highest level since the start of 2021 and private sector pay growth was the weakest in nearly five years in the run-up to finance minister Rachel Reeves' annual budget last month.

• UK economic data reinforced market expectations for the Bank of England to keep interest rates steady, leaving the likelihood of a rate cut unchanged.

• Immediate resistance is located at 2.0278(50%fib), any close above will push the pair towards 2.0414(Higher BB).

• Immediate support is seen at 2.0181(SMA 20) and break below could take the pair towards 1.9978 (61.8%).

Recommendation: Good to buy around 2.0220 with stop loss of 2.0120  and target price of 2.0300