GBP/USD Outlook (6 November 2019)

Overall, GBP/USD is trending upwards and has been ranging across recently.
The U.K. services PMI data (Actual: 50.0, Forecast: 49.6, Previous: 49.5) released was better than forecasted and the service sector is no longer in contraction. Pound strengthened as a result.
As GBP/USD is ranging around the key level of 1.29, wait for that level to be cleared before deciding whether to enter a trade.
GBP/USD’s next support level is at 1.27400 and the next resistance level is at 1.29800.