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GBP/USD trims gains, falls back to 1.52 handle

FXStreet (Mumbai) - Offered at 1.5241, the GBP/USD pair now trades just above 1.52 handle as losses in the European stocks capped demand for Sterling and other risk assets.

Offered near key Feb resistance

The GBP bulls faced exhaustion as the pair neared 1.5248, which is the 50% retracement of the rally witnessed since April to June. The European stock markets suffered losses on the first trading day of the weak, stoking demand for the safe haven assets. Sterling pared gains, but so far has managed to stay in the positive territory around 1.52 handle.

Heading into the US session, the investors take a note of Fed speak and US personal spending and income report due later today.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5248 (50% of Apr-June rally), above which the pair could rise to 1.53 levels. On the downside, support is seen at 1.5163 (Sep 4 low) and 1.5135 (Friday’s low).

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