The Pound sank below support at 1.3685 to a low of 1.3526 as U.K. GDP showed that the current recession is deeper than expected. The preliminary quarterly reading of a 1.5% contraction was weaker than the estimate of 1.2% and the lowest since 1980 which dragged the annualized rate to -1.8%. The data confirmed that the country is in a recession as the 4Q contraction followed a 0.6% decline the quarter before. Despite the slumping economy, U.K. retail sales unexpectedly rose 1.6% in December as Britons took advantage of discounts during the holiday with a 28.5% increase in apparel sales.