GBP/USD Outlook (12 November 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD trended higher after Brexit Party leader Nigel Farage said that his party will not be contesting for seats that were won by the Conservatives, leading to an increased probability that Prime Minister Boris Johnson will win the general election next month.
The British GDP data released were worse than forecasted but there was not much movement in pound pairs.

• Preliminary GDP q/q (Actual: 0.3%, Forecast: 0.4%, Previous: -0.2%)
  
• GDP m/m (Actual: -0.1%, Forecast: -0.1%, Previous -0.2% revised from -0.1%)
  

The British employment data will be released at 1730 (SGT).

• Average Earnings Index 3m/y (Forecast: 3.8%, Previous: 3.8%)
  
• Claimant Count Change (Forecast: 24.2K, Previous: 21.2K)
  
• Unemployment Rate (Forecast: 3.9%, Previous: 3.9%)
  

If the released data are better than or as forecasted, the pound may strengthen.
GBP/USD next support level is at 1.27400 and the next resistance level is at 1.29800.
If the British employment data turns out to be positive, look for buying opportunities of the GBP/USD.