We present the results from our 140 ks XMM-Newton and 500 ks Chandra observation of NGC 5548. The velocity structure of the X-ray absorber is consistent with the velocity structure measured in the simultaneous UV spectra. In the X-rays we can separate the highest outflow velocity component, -1040 km/s, from the other velocity components. This velocity component spans at least three orders of magnitude in ionization parameter, producing both highly ionized X-ray absorption lines (Mg XII, Si XIV) and UV absorption lines. A similar conclusion is very probable for the other four velocity components. We show that the lower ionized absorbers are not in pressure equilibrium with the rest of the absorbers. Instead, a model with a continuous distribution of column density versus ionization parameter gives an excellent fit to our data.