GBP/USD Outlook (18 December 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD trended lower, breaking the support level of 1.31700 due to Brexit pessimism.
The U.K. CPI y/y data (Forecast: 1.4%, Previous: 1.5%) will be released later at 1730 (SGT).
If the released data is worse than or as expected, pound may weaken.
Currently, GBP/USD is testing to break the key level of 1.31 downwards. Its next support level is at 1.29800 and the next resistance level is at 1.31700.
Look for short-term selling opportunities of GBP/USD if the released CPI data is poor and that it breaks the key level of 1.31 downwards.