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GBP/USD bid tone strengthens, trades around key fib level

FXStreet (Mumbai) - The bid tone on the GBP is gathering pace in early Europe, pushing the GBP/USD pair to fresh session highs around 1.5260 levels.

Hovers around 50% of key fib

The cable now trades around 1.5248, which is the 50% retracement of Apr-June rally. Sterling is tracking the uptick in the European stock futures after the Fed chairwoman Yellen talked up 2015 rate hike expectations on Thursday.

Sterling suffered losses in the previous four trading sessions on account of risk aversion in the markets. The investors could continue to track the sentiment in the equity markets ahead of the US Q2 GDP report due later today.

GBP/USD Technical Levels

At 1.5230, the immediate resistance is located at 1.5260 (daily high), followed by a major resistance at 1.5334 (200-DMA). On the other side, support is seen at 1.52 and 1.5163 (Sep 4 low).

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