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GBP/USD off-highs, around 1.5165

FXStreet (Mumbai) - The GBP/USD pair met supply at the hourly 200-SMA located at 1.5180 levels and retraced towards 1.5160 region in the mid-European session, where it now hovers.

GBP/USD capped below hourly 200-SMA

The GBP/USD pair 0.10% higher at 1.5161, trading in a 40-pips narrow range. The major loses momentum and moves away from fresh daily highs, despite the persisting broad based U dollar weakness. The USD index now trades -0.23% lower at 96.00.

Moreover, the pound remains pressured after the disappointing UK services PMI report released on Monday, capping further gains in GBP/USD. Markit/CIPS services PMI dropped further to 53.3 in September, far below market consensus of 56.

Later today, the cable will take fresh incentives from the US trade data and the sentiment on the Wall Street.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5180 (Hourly 200-SMA) above which gains could be extended to 1.5244 (Oct 5 High) levels. On the flip side, support is seen at 1.5140 (Today’s Low) below which it could extend losses to 1.5106 (Oct 1 Low) levels.

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