Sterling sharply fell in the course of the session on Friday, finishing it around 1.5360 area. Decline was caused by weaker than expected Manufacturing PMI figures but also with a break below of major support level at 1.55 handle. On Monday we can expect some volatility with Construction PMI figures.
In a case of a weaker than expected figures pair is likely to find support around 1.53 handle, while better than forecasted data would push it to near 1.54 handle where we can expect short-term resistance. Long-term looking, this pair is now a sell-only market since we have broke below major support level and next significant area is 1.50 level which would be our selling-target. Buying is not an option.