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• GBP/ AUD dipped on Wednesday as pound attracted sellers after weak UK PMI data.
• The S&P Global/CIPS composite PMI tumbled to 47.9 in August from 50.8 in July, according to a preliminary estimate which was below all forecasts in a poll of economists..
• GBP/ AUD is below the 38.2 %fib support and for now the recent down trend is intact.
• Technical signals show the pair could lose more ground in the short-term as RSI has turned lower.
• Immediate resistance is located at 1.9823(23.6%fib), any close above will push the pair towards 2.0013( Higher BB).
• Immediate support is seen at 1.9615 (Daily low) and break below could take the pair towards 1.9485(50%fib).
Recommendation: Good to buy sell 1.9650, with stop loss of 1.9750 and target price of 1.9550
