GBP/USD Outlook (8 November 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD trended lower after the Bank of England’s interest rate decision.
The BoE kept interest rate unchanged at 0.75%.
In the monetary policy summary, the BoE mentioned that two Monetary Policy Committee (MPC) members voted for a rate cut. Also, the annual inflation rate fell below the BoE’s 2% target. As a result, pound weakened.
GBP/USD’s next support level is at 1.27400 and the next resistance level is at 1.29800.
Look for short-term selling opportunities of GBP/USD while paying attention to the ongoing Brexit uncertainty.