Weaker mftg PMI was the header that sent the pound tumbling into retreat having failed to breach 1.5400 earlier
We've now seen lows of 1.5295 after bids into 1.5330 were exhausted with EURGBP taking out offers at 0.7350 to post 0.7359 so far
It was a big miss but the mftg sector is not a key part of UK GDP much as the govt/BOE would like it to be and sadly likely to remain so for some time
That said it's still not good news and, in these jittery/fickle markets, provides another chance/reason for cable rally sellers to prevail
I said earlier that yesterday's failure to close above 1.5420 was important and we can expect that level to be pivotal for a while
More bids into 1.5280 then 1.5250-60 with further declines expected ( target 1.5190) if breached. Smalll res on EURGBP around 0.7365-70 with decent offers between 0.7385-0.7400
