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GBP/USD recovery stalls, Fed rate hike bets rose slightly

FXStreet (Mumbai) - The GBP/USD pair recovered slightly from the low of 1.5415, but stays under pressure as the Fed rate hike bets rose slightly on account of an uptick in the inflation.

Recovery stalls at 1.5450

The pair ran into offers at 1.5450, thereby capping recovery in the pair. Moreover, the March 2016 Fed rate hike probability as per the CME Fed watch ticked higher to 52% from 49.8%. Consequently, the US dollar remains bid.

Meanwhile, the losses in the pair are being capped by the uptick in the US stocks. The Dow Jones is trading 0.5% as investors are cheering an upbeat US inflation and weekly jobless claims figure.

GBP/USD Technical Levels

The pair currently trades around 1.5426. The immediate support is seen at 1.5404 (50-DMA), under which the losses could be extended to 1.5387 (Oct 13 high). A daily close below the same would expose 1.53 handle. On the other hand, 1.5484 (100-DMA), above which gains could be extended to 1.5568 (38.2% of Jul 14-Apr 15 plunge).

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