GBP/USD Outlook (4 November 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD’s uptrend has stagnated, failing to break the resistance level of 1.29800.

The U.K. manufacturing PMI data released was better than forecasted but the manufacturing industry is still in contraction.

• Manufacturing PMI (Actual: 49.6, Forecast: 48.2, Previous: 48.3)
  

The U.K. construction PMI data will be released later at 1730 (SGT).

• Construction PMI (Forecast: 44.3, Previous: 43.3)
  

If the released data is better than forecasted and higher than 50.0, the pound may strengthen.

GBP/USD’s next support level is at 1.27400 and the next resistance level is at 1.29800.