The pound is tanking

The British pound is tanking after some ugly data.
The currency is down by 1.1% at 1.3090 against the dollar as of 7:27 a.m. ET.
The composite reading for Markit flash PMI fell to 47.4 in June, its lowest reading since March 2009. Additionally, manufacturing PMI sank to a 44-month low of 49.1 and services PMI tumbled to an 87-month low of 47.4.
All three readings were below the 50.0 level, which theoretically indicates a contraction.
"The downturn, whether manifesting itself in order b