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I can’t think of any other common lichen that is pale (whitish to pale greenish grey), sorediate, K+ yellow turning red and has a wispy fimbriate margin.
The thallus of P. argena is pale grey and tends to be irregularly warted, cracked and/or lumpy. Soralia initially usually develop from pustules, then the soralia coalesce and the soredia form widespread sheets. The sorediate areas are slightly more creamy white (slightly paler) than the thallus.
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I have further thoughts and observations about this species which I will post this evening, but for the moment, if the thallus and irregular, pustular soralia development looks right, then taken with the wispy fimbriate margin, the K+ yellow to red reaction and the habitat (on twigs and branches) I think you are fairly safe to assume that you have Phlyctis argena.
PhlyctisargenaP. argenaP. argena
A previous query about P. argena
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Full thread:
As for the K reaction of P. argena
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Link to thread discussing this inconsistency:
To properly demonstrate the presence of norstictic acid it is best to observe microscopic red crystals of the potassium salt of norstictic acid when mounted in K (however in practise, it is often sufficient just to note K+ yellow turning red taken with morphological characters).
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Although primarily a corticolous species, P. argenaP. argenaPertusaria lactescens
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Thanks for taking the trouble to note the (lack of) fluorescence both before and after adding K in P. argena
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