Cable falls to 1.2627 as pound continues to suffer on weak UK PMI data

UK services PMI 48.7 vs 51.0 forecast; manufacturing PMI 42.5 vs 45.0 f/c

1.2627 is lowest level since August 14: 1.2617 was six-week low that day

Weak UK PMI data spurs dovish shift in BoE rate expectations nL1N3A40LA

Nomura went short GBP/USD last Friday (August 18); 1.22 target nL1N3A20NQ

1.2700 is now a resistance level (1.2708 was pre-UK PMI data release low)