GBP/USD Outlook (4 December 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD trended higher, breaking the resistance level of 1.29800.
The U.K. construction PMI data (Actual: 45.3, Forecast: 44.5, Previous: 44.2) released was better than forecasted and pound strengthened slightly as a result. Nonetheless, the U.K.’s construction sector is still in contraction.
Currently, GBP/USD is testing the key level of 1.30. Its next support level is at 1.29800 and the next resistance level is at 1.31700.
Look for buying opportunities of GBP/USD if it breaks above the key level of 1.30.