GBP/USD Outlook (05 February 2020)

Overall, GBP/USD is moving across. Recently, GBP/USD tested but failed to break the support level of 1.29900.
The U.K. construction PMI data (Actual: 48.4, Forecast: 48.1, Previous: 44.4) released yesterday was better than forecasted. GBP/USD strengthened as a result and broke above the key level of 1.30.
The U.K. final services PMI data (Forecast: 52.9, Previous: 52.9) will be released later at 1730 (SGT).
If the released data is better than (or worse than) forecasted, GBP may strengthen (or worsen).
Currently, GBP/USD is moving towards the support level of 1.29900 and the next resistance level is at 1.31800.
Stay out of GBP/USD for now.