GBP/USD Outlook (4 November 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD’s uptrend has stagnated, failing to break the resistance level of 1.29800.

The U.K. manufacturing PMI data released was better than forecasted but the manufacturing industry is still in contraction.

Manufacturing PMI (Actual: 49.6, Forecast: 48.2, Previous: 48.3)


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

Construction PMI (Forecast: 44.3, Previous: 43.3)

If the released data is better than forecasted and higher than 50.0, the pound may strengthen.

GBP/USD’s next support level is at 1.27400 and the next resistance level is at 1.29800.