GBP/USD extends its sharp fall, dipping under the 1.35 level at one point as data continued disappointing. Sterling now faces the Bank of England’s decision, among other events. Here are the key events and an updated technical analysis for GBP/USD.

PMI data added to the misery with manufacturing dropping to 53.9 and services, the largest sector, coming out at 52.8 points. These forward-looking figures joined previous disappointing data points. The plummet of GBP/USD was exacerbated by the US Dollar’s strength. The greenback extends its rise even as the data was not all that great: the Non-Farm Payrolls showed an increase of only 164K and wage growth slowed down to 2.6% y/y. What’s next?

Updates:

GBP/USD daily graph with resistance and support lines on it. Click to enlarge: