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Forex: GBP/USD collapses to session lows on weak UK data

The GBP/USD has careened over 100 pips in recent minutes off the 1.5170 handle following the release of weak economic data in the United Kingdom. The move triggered a fall below calculated support, establishing fresh lows at 1.5054. At this juncture, the pair has incurred a loss of -0.66% off its opening.

After falling below the 1.5150, 1.5120, and 1.5080 supports, Slobodan Drvenica, an analyst at Windsor Brokers Ltd. cites the next means of correction at the 1.5069, handle. Conversely, a prolonged recovery will eventually test resistances at 1.5195, onto of 1.5220, and ultimately 1.5257.

In the United Kingdom, Markit Manufacturing PMI (February) came in at 47.9, missing expectations of 51.0. In addition, Consumer Credit has reported £0.4B in January, against estimates of just £0.2B. Mortgage Approvals (January) have yielded a figure of just 54.719K, against a projected 56.5K. Finally, Net Lending to Individuals (MoM) was reported at just £0.6B, missing estimates of £1.1B.

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