• GBP/USD declined sharply on Thursday as worse than expected U.K PMI data weighed on sterling .
• British factory activity contracted at its fastest pace in 11 months in December, with manufacturers reducing staff due to higher taxes and weak foreign demand, a survey showed on Thursday.
•The S&P Global UK Manufacturing Purchasing Managers' Index dropped to 47.0 in December from 48.0 in November, below the preliminary reading of 47.3.
• At GMT 11.30,the sterling was last down 0.52% at 1.2444 against US dollar .
• Immediate resistance is located at 1.2532(Daily high), any close above will push the pair towards 1.2573 (38.2 % fib).
• Strong support is seen at 1.2442(23.6% fib ) and break below could take the pair towards 1.2421(Lower BB).
Recommendation: Good to sell around 1.2460, with stop loss of 1.2540 and target price of 1.2360
