FxWirePro: GBP/AUD slips as weak UK data weighs on sterling

• GBP/AUD slipped lower on Thursday  as sterling came under pressure after weaker-than-expected UK PMI and CBI data dented investor confidence in the UK's economic momentum..

•  Surveys show UK businesses are struggling and the job market is weakening, but lingering inflation pressures may lead the Bank of England to stick with a slow pace of rate reductions.

• S&P Global's flash UK Composite PMI fell to 51.0 in July from 52.0 in June, hovering just above the 50.0 threshold that marks expansion from contraction.

• A separate CBI survey indicated that the UK manufacturing sector, which makes up around 10% of the economy, has shown signs of stabilization following a period of decline.

• Resistance stands at 2.0676(SMA 20), 2.0749(July 7 high), and 2.0977(50%fib).

•  Key   support seen at 2.0447 (61.8%fib), 2.0366 (Lower BB), and 2.0294 (March 6th low).

Recommendation: Good to sell around 2.0500, with stop loss of 2.0570 and target price of 2.0430