The GBP/USD is starting the new year on a bearish tone, guided by disappointing manufacturing PMI data for December.UK Manufacturing PMI (Dec.): 52.5Forecast: 53.7Previous 53.3 (revised down from 53.5) (click to enlarge; source: forexfactory.com)Manufacturing growth has slowed due to weaker exports, while domestic demand has kept manufacturing from contracting. Meanwhile price pressures are low. This all add to the case for a delay in BoE's rate hike schedule, which is now forecast to be in the late 2015-early-2016 window. Just 3-4 months ago, the BoE was considering a rate hike by the end of the year. And then, data started to deteriorate. GBP/USD 1H Chart 1/2(click to enlarge) The hourly chart shows that GBP/USD was consolidating at the end of the year. Then after the manufacturing PMI data, it fell sharply, breaking the 2014-low at 1.55, and pushing towards the 1.54 handle. If there is a pullback and we believe the GBP/USD is in a bearish continuation mode, watch out for resistance in the 1.55-1.5525 area. A break above 1.5550 would suggest a consolidation/bullish correction.To the downside, we might see some support in the 1.5235-1.53 area, which represent common lows in 2010 through 2012, reinforced by a rising speedline from 2009. Below these support factors, the 1.50 handle, then the 2013 lows around 1.4815 would be next. GBP/USD Monthly Chart(click to enlarge)