GBP/USD Outlook (24 February 2020)

Overall, GBP/USD is trending downwards. Recently, GBP/USD tested and rejected the resistance level of 1.29900.
The U.K. flash manufacturing PMI data released last Friday was better than forecasted. Also, the U.K. manufacturing sector has shifted from contraction to expansion. The flash services PMI data weakened slightly. GBP/USD strengthened slightly as a result.

• Flash Manufacturing PMI (Actual: 51.9, Forecast: 49.7, Previous: 50.0 revised from 49.8)
  
• Flash Services PMI (Actual: 53.3, Forecast: 53.4, Previous: 53.9 revised from 52.9)
  

GBP/USD’s next support level is at 1.27800 and the next resistance level is at 1.29900.
Look for short-term selling opportunities of GBP/USD.