GBP/USD Outlook (13 November 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD has been ranging across.
The British employment data released were mixed. The market did not react much to the data.

• Average Earnings Index 3m/y (Actual: 3.6%, Forecast: 3.8%, Previous: 3.7% revised from 3.8%)
  
• Claimant Count Change (Actual: 33.0K, Forecast: 24.2K, Previous: 13.5K revised from 21.2K)
  
• Unemployment Rate (Actual: 3.8%, Forecast: 3.9%, Previous: 3.9%)
  

The British CPI y/y data will be released at 1730 (SGT).

• CPI y/y (Forecast: 1.6%, Previous: 1.7%)
  
• Core CPI y/y (Forecast: 1.7%, Previous: 1.7%)
  

If the released data is worse than or as forecasted, the British pound may weaken.
Look for selling opportunities of GBP/USD if the CPI data is bad.
GBP/USD next support level is at 1.27400 and the next resistance level is at 1.29800.