GBP/USD Outlook (06 January 2020)

Overall, GBP/USD is moving across. Recently, GBP/USD trended lower, breaking the key level of 1.31 downwards.
The U.K. construction PMI data (Actual: 44.4, Forecast: 45.8, Previous: 45.3) released last Friday was worse than forecasted and the U.K.’s construction sector is still in contraction.
The U.K. final services PMI data (Forecast: 49.1, Previous: 49.0) will be released later at 1730 (SGT).
If the released data is higher than 50.0, pound may strengthen.
Currently, GBP/USD is hovering below the key level of 1.31. Its next support level is at 1.29800 and the next resistance level is at 1.31700.
Wait for the PMI data to be released before looking for trading opportunities.