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).

• 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.