GBP/USD Outlook (27 July 2020)

Overall, GBP/USD is trending upwards. Recently, GBP/USD trended into the resistance zone of 1.28000.

The UK Retail Sales m/m data (Actual: 13.9%, Forecast: 8.3%, Previous: 12.3% revised from 12.0%) released last Friday indicated that consumer spending continues to increase in June.

Also, the UK flash PMI data released last Friday indicated that the services industry has recovered into the expansionary level while the manufacturing sector continues to expand.

• Flash Manufacturing PMI (Actual: 53.6, Forecast: 52.0, Previous: 50.1)
  
• Flash Services PMI (Actual: 56.6, Forecast: 51.4, Previous: 47.1 revised from 47.0)
  

Currently, GBP/USD is testing the resistance zone of 1.28000 and the next support zone is at 1.26500.
Look for buying opportunities of GBP/USD.