• GBP/AUD fell on Tuesday as softer than expected UK manufacturing PMI data weighed on pound .
• In December, the S&P Global/CIPS manufacturing Purchasing Managers' Index (PMI) saw a decline to 46.2 in its final reading. This marked the end of a three-month streak of improvement.
• The pair hit daily low at 1.8602and was last trading at 1.8646 (17:49 GMT) .
• A daily close a below 23.6% fib support will further improve downside bias , and open the possibility of a drop towards 1.8600 level.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 36.
• Immediate resistance is located at 1.8689(Daily high), any close above will push the pair towards 1.8730(38.2%fib).
• Strong support is seen at 1.8602(23.6% fib ) and break below could take the pair towards 1.8544(June 15th 2022 low)
Recommendation: Good to sell around 1.8680, with stop loss of 1.8800 and target price of 1.8570
