GBP/USD Outlook (26 November 2019)

Overall, GBP/USD has been ranging across. Last Friday, GBP/USD trended lower after the release of the worse than forecasted U.K. flash manufacturing and services PMI data. The U.K. services industry went into contraction last month.

Flash Manufacturing PMI (Actual: 48.3, Forecast: 48.8, Previous: 49.6)
Flash Services PMI (Actual: 48.6, Forecast: 50.1, Previous: 50.0)

Yesterday, pound strengthened after U.K. election polls indicate that there is an increased chance that the Conservative party will win the election on 12 December, thus offsetting the losses caused by the poor PMI data.
Currently, GBP/USD is testing the key level of 1.29. Its next support level is at 1.27800 and the next resistance level is at 1.29800.
Look for short-term buying opportunities of GBP/USD after it breaks above the key level of 1.29.