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GBP/USD consolidates, bear grip remains intact

FXStreet (Mumbai) - The GBP/USD pair is trading in the sideways manner around 1.5150 levels, although the bears appear to be in full control of the pair after weak UK private sector activity data.

Resistance at 1.5162

The pair dipped to a low of 1.5140 in early Europe before recovering to 1.5150-1.5160. However, the spot has repeatedly failed to rise above 1.5163 (Sep 4 low). The empty UK economic calendar offers little help to end the consolidation. Meanwhile, the weakness in the stock markets is keeping gains under check.

Heading into the US session, the technical factors could guide the movement in the pair. In the US session, sentiment on the Wall Street and the speculation regarding the delay in the Fed liftoff could influence the pair.

GBP/USD Technical Levels

At 1.5160. The immediate resistance is seen at 1.5185 (23.6% of Jul 14-Apr 15 plunge), followed by a major hurdle at 1.5244 (Monday’s high). On the other side, support is seen at 1.5137 (Monday’s low) and 1.51 levels.

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