GBP/USD Outlook (22 November 2019)
Overall, GBP/USD has been ranging across. Yesterday, GBP/USD tested and failed to break the key level of 1.29 downwards.
The U.K. flash manufacturing and services PMI data will be released later at 1730 (SGT).
The U.K. manufacturing sector is currently in contraction. If the released data are worse than or as forecasted, pound may weaken and so look for selling opportunities of GBP/USD.
GBP/USD’s next support level is at 1.27800 and the next resistance level is at 1.29800.
The U.K. flash manufacturing and services PMI data will be released later at 1730 (SGT).
- Flash Manufacturing PMI (Forecast: 48.8, Previous: 49.6)
- Flash Services PMI (Forecast: 50.1, Previous: 50.0)
The U.K. manufacturing sector is currently in contraction. If the released data are worse than or as forecasted, pound may weaken and so look for selling opportunities of GBP/USD.
GBP/USD’s next support level is at 1.27800 and the next resistance level is at 1.29800.
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