Overall, GBP/USD is trending downwards. Recently, GBP/USD trended lower, breaking below the key level of 1.29. The U.K. flash PMI data will be released later at 1730 (SGT).
Flash Manufacturing PMI (Forecast: 49.7, Previous: 50.0 revised from 49.8)
Flash Services PMI (Forecast: 53.4, Previous: 53.9 revised from 52.9)
Note that the manufacturing sector is forecasted to be in contraction for January. Currently, GBP/USD is moving up towards the key level of 1.29. Its next support level is at 1.27800 and the next resistance level is at 1.29900. If the released PMI data are worse than forecasted, look for selling opportunities of GBP/USD if it fails to break above the key level of 1.29.