FxWirePro : GBP/AUD slides below 2.09 following UK PMI miss

• GBP/AUD declined on Wednesday  as sterling    attracted seller after data showed UK company activity weakened by most in more than 2 years.

•The S&P Global composite PMI a broad measure of private‑sector activity\dropped to 48.2 in April, down from 51.5 in March.

•That’s the weakest print since November 2022, when soaring energy costs and the market chaos following Liz Truss’s ill‑fated budget battered businesses.

•Markets have also wrestled this week with worries about the Fed’s independence after President Trump repeatedly criticized Chair Jerome Powell for not lowering rates since he took office in January.

•Technical signals show the pair could lose more ground in the short-term as RSI is has turned sharply bearish, daily momentum studies 9, 10 and 11 SMAs are trending down.

• Immediate resistance is located at 2.1004 (38.2%fib ), any close above will push the pair towards 1.9624(50%fib).

• Immediate support is seen at 2.0704 (50%fib), break below could take the pair towards 2.0436(61.8%fib).

Recommendation: Good to sell around 2.0900 with stop loss of 2.1000 and target price of 2.0820