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UK manufacturing release drags cable lower below 1.27000

Cable started off the week with a worst than expected macro release . Last week with the release of Non Farm Payrolls, GBPUSD surges with a fresh high above 1.26923(May High) but failed for a sustained break through. The pair slipped above 1.27000 barrier at the Asian session before UK GDP was released which tested till 50% Fibo level and dropped around 30 pips at the release of worst than expected UK release. The most eyed macro release was released as -0.4% vs -0.1% GDP and the manufacturing production as -3.9% vs 0.2% expected. The 1Hr time frame showing confluences of a short term trendine break which dropped till 1.28500 region. Breaking this support might pull the pair further downside to 1.26750.Below 1.26750 support, the pair is likely to accelerate the slide towards challenging the 1.2600 handle with some intermediate support near the 61.8% Fibo. level, around the 1.2635 region.

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