FxWirePro : GBP/AUD sustains gains as uptrend remains strong

• GBP/AUD strengthened on Thursday as investors digested the latest UK business activity data.

• S&P Global UK Composite Purchasing Managers' Index (PMI) rose to 49.4 in May 2025 from 48.5 in April, aligning closely with economists' expectations of 49.3.

• The modest uptick was primarily driven by the services sector, which returned to marginal growth with a PMI of 50.2, surpassing expectations of 50.0.

• In contrast, the manufacturing sector continued to decline, with its PMI falling to 45.1, below the anticipated 46.0, reflecting the sharpest drop in 19 months .

• Despite the slight rebound, the overall economic outlook remains cautious. Business sentiment has improved somewhat, aided by eased U.S. trade tariffs and a partial UK-U.S. trade agreement..

• Immediate resistance is located at 2.1095(38.2% fib), any close above will push the pair towards 2.1285(April7th high).

• Strong support is seen at 2.0809(50% fib) and break below could take the pair towards 2.0738(SMA 14th low)

Recommendation: Good to buy  around 2.0920, with stop loss of 2.0850 and target price of 2.1000