GBP/USD Outlook (04 February 2020)

Overall, GBP/USD is moving across. Recently, GBP/USD trended lower, breaking the support level of 1.31300.
The U.K. final manufacturing PMI data (Actual: 50.0, Forecast: 49.8, Previous 49.8) released yesterday was better than forecasted and the manufacturing sector is out of contraction but the market was not reacting to the news positively.
The U.K. construction PMI data (Forecast: 48.1, Previous: 44.4) will be released later at 1730 (SGT).
If the released data is higher than 50.0, the construction sector will be out of contraction and GBP may strengthen.
GBP/USD’s next support level is at 1.29900 and the next resistance level is at 1.31300.
Stay out of GBP/USD for now.