The GBPUSD pair has fallen below 1.2645 as UK Manufacturing PMI missed with 48 points.
Price dropped beneath both the 100-hour Moving Average and 200-hour Moving Average in early trading as sellers took over near term control. Presently, we’re seeing price hit session lows in front of UK data.
I doubt the data will importantly affect the GBP. However, if we do see a noteworthy miss on the release of manufacturing PMI, it could provoke somewhat of a reaction.
For the time being, the GBPUSD pair is running into support around 1.2655-60 with further support just observed nearer to 1.2605-15 next. Sellers have built up a bearish bias again and with Brexit saga set to return into the focus throughout the following few weeks, it’ll be difficult to see the Sterling assemble any solid momentum in the short term.
UK PM Candidates Johnson and Hunt will speak later today.