GBP struggles on economic growth and Brexit woes

Data from UK was weak - inflation was lower than expected, retail sales disappointed and employment change was a touch weaker. Things are not looking good in the UK and with Brexit still looming large ever closer on the horizon, GBP may be poised for new lows. With fundamentals weakening, what of the technical outlook? With GBP/USD piercing below the bottom of the weekly Ichimoku cloud, the long term downtrend has resumed. With the technical and fundamental outlook both pointing in the same direction, the lows of 1.2000 are likely to be revisited unless something changes dramatically in time to come.