GBP/USD Outlook (5 November 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD has been ranging across.
The U.K. construction PMI data released was worse than forecasted. Not much price movement took place.

• Construction PMI (Actual: 44.2, Forecast: 44.3, Previous: 43.3)
  

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

• Services PMI (Forecast: 49.6, Previous: 49.5)
  

If the data released is better than forecasted and greater than 50.0, the British service sector will be in expansion and pound may strengthen, offering buying opportunities for GBP/USD.
GBP/USD’s next support level is at 1.27400 and the next resistance level is at 1.29800.