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The UK manufacturing sector is  getting closer to contraction: a score of 50.8 points reflects  very slow growth, and this was worse than expected. Britain is not alone: slowdowns have been seen also in China, the US and the euro-zone.

GBP/USD is extending its falls to 1.3910

The UK manufacturing sector was expected to suffer a small slowdown in February: a slide from 52.9 to 52.2  points in Markit’s manufacturing  purchasing managers’ index.

GBP/USD traded around 1.3945 before the release, sliding from the highs.

The pound  is still  struggling with the chances of  an exit from the European Union. The so-called “Brexit” is now seen as a threat not only to the UK but also to Europe and the whole world, according to the G-20 Summit.

Nevertheless, sterling made some attempts to recover, but this figure certainly weighs heavily on the pound. We are seeing the pound lose ground also to the euro, with EUR/GBP recapturing 0.78 and to the yen, with GBP/JPY sliding to 157.50.

More:  GBPUSD: Bearish impulse still unfolding