GBP/USD Outlook (19 November 2020)

Overall, GBP/USD is trending upwards. Recently, GBP/USD broke the resistance zone of 1.32200 and bounced down from the key level of 1.33.

The UK CPI y/y data released yesterday indicated an increase in the level of inflation.

• CPI y/y (Actual: 0.7%, Forecast: 0.5%, Previous: 0.5%)
  
• Core CPI y/y (Actual: 1.5%, Forecast: 1.3%, Previous: 1.3%)
  

Currently, GBP/USD is testing the support zone of 1.32200 and the next resistance zone is at 1.34600.
Look for selling opportunities of GBP/USD if it breaks the support zone of 1.32200.