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GBP/USD Falls after Disappointing Manufacturing PMI Data

As we started the week, GBP/USD bounced off of last week's low of 1.5664 and was rallying towards a key level of 1.58. We noted yesterday that above 1.58, the pair would likely revive the prevailing bullish outlook .However, if price holds under 1.58, cable would still be in consolidation/bearish correction. 

GBP/USD 4H Chart 7/1
(click to enlarge)

Another couple of clues in the 4H chart that add to the bearish scenario in the short-term:
1) Price held under the 50-period SMA after testing it as resistance. This is a "sling-shot" signal. 
2) Price is breaking the 1.5664 support and the 100-period SMA. 
3) The latest 4H candle is a bearish engulfing candle. 

The break of consolidation support occurred along with the release of UK's Manufacturing PMI data for June. The reading came in at 51.4, which was lower than the 51.9 print for May. The data disappointed forecasts which called for a reading of stronger growth, around 52.6. The 51.4 print is the lowest for this data set in 2 years. 

UK Manufacturing PMI:
(click to enlarge; source: forexfactory)

This data might not be enough to reverse the GBP/USD in the medium-term, where it is bullish since April. However, it is possible to flatten the pair, with a short-term downside risk towards the 1.5445 level. 

GBP/USD Daily Chart 7/1
(click to enlarge)

As we can see in the daily chart 1.5445 is around a cluster of possible support factors:
1) 200- and 50-day SMAs.
2) A support/resistance pivot
3) A rising trendline.