GBP/USD threatening 1.3300 post-UK PMI

The Sterling is dropping further following today’s UK data releases, dragging GBP/USD to the vicinity of the critical support at 1.3300 the figure.

GBP/USD offered on data

Cable lost further ground at the beginning of the week after UK’s manufacturing PMI came in below estimates at 55.9 during September vs. 56.4 initially forecasted and down from August’s 56.9.

The pair is now extending the drop to fresh 3-week lows in the 1.3300 neighbourhood in the wake of the PMI results and against the backdrop of a strong demand for the greenback.

Earlier in the session, P.Hammond said the country will have to be prepared to support the economy through the Brexit process.

GBP/USD levels to consider

As of writing the pair is losing 0.63% at 1.3312 facing the next support at 1.3262 (23.6% Fibo of the 2017 up move) followed by 1.3162 (low Sep.14) and finally 1.3119 (55-day sma). On the upside, a break above 1.3454 (10-day sma) would open the door to 1.3517 (high Sep.26) and finally 1.3594 (2014-2017 downtrend).