GBP/USD Outlook (03 March 2020)

Overall, GBP/USD is trending downwards. Recently, GBP/USD trended lower into the support level of 1.27800.
Bank of England (BoE) governor Mark Carney will be testifying on inflation and the economic outlook before the Parliament’s Treasury Committee later at 1730 (SGT). During this time, volatility is expected of GBP.
The U.K. Construction PMI data (Forecast: 49.0, Previous: 48.4) will be released later at 1730 (SGT).
G7 meetings will be held today to discuss on the measures to deal with the economic impact of the coronavirus outbreak.
Currently, GBP/USD is testing the support level of 1.27800 and the next resistance level is at 1.28700.
If the Construction PMI data released is better than or as forecasted, stay out of GBP/USD.
If the data released is worse than forecasted, look for selling opportunities of GBP/USD only after it breaks the support level of 1.27800.