The flash services and manufacturing PMI from the United Kingdom saw further deterioration in the economy. The services activity contracted, falling to 48.6 in November. This comes after services activity was at 50.0 in October. UK manufacturing activity was also weak, falling to 48.3, which is down from 49.6 in October.
GBP/USD Breaks Down Below Support
Following the weak reports, GBPUSD fell below the support level at 1.2865. The declines below this level comes after the cable was confined to the range. If the bearish momentum picks up, then GBPUSD could be looking to post further losses. The next lower support is at 1.2768.
