• GBP/AUD remained within a narrow range on Tuesday as investors focused on the upcoming purchasing managers index (PMI) numbers from the UK.
• The upcoming flash PMI survey data for August will offer crucial insights into the UK’s economic growth and inflation trends.
• This comes at a time when opinions on the Bank of England’s future policy direction remain divided.
• Technical are bearish, daily RSI is negative at 43 , daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9389 (50%fib ), any close above will push the pair towards 1.9496 (61.8%fib).
• Strong support is seen at 1.9288(38.2%fib ), and break below could take the pair towards 1.9181 (Lower BB).
Recommendation: Good to sell on around 1.9330 with stop loss of 1.9400 and target price of 1.9260
