GBP/USD Outlook (2nd October 2019)

Overall, GBP/USD is trending upwards. Recently, GBP/USD’s downtrend has stagnated.

The U.K. construction PMI data released was worse than forecasted and the construction sector is still in contraction.

• Construction PMI (Actual: 43.3, Forecast: 45.0, Previous: 45.0)
  

The U.K services PMI data will be released tomorrow at 1630 (SGT)

• Services PMI (Forecast: 50.3, Previous: 50.6)
  If the released data is worse than or as forecasted, the pound may weaken.
  

Prime Minister Boris Johnson will be speaking at 1900 (SGT) on his final Brexit plan. Volatility in pound pairs is expected.

Currently, GBP/USD is testing the support level of 1.23000 and the next resistance level is at 1.25500.