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GBP/USD consolidates around 200-DMA

FXStreet (Mumbai) - The GBP/USD pair witnessed a minor rally in Asia to trade in the sideways manner around the 200-DMA at 1.5331 in early Europe.

Supported by 50% Fib retracement

Sterling found support at 1.5308 (50% of 1.5107-1.5509) in Asia. The cable suffered sharp losses on Friday as the USD witnessed a broad based rally after the People’s Bank of China (PBOC) announce an interest rate cut.

The focus today is likely to be on the UK data - CBI Trends Survey figure for October. The number is likely to show total orders and export orders deteriorated further. Later in the day, the US housing data could influence the pair.

GBP/USD Technical Levels

The immediate resistance is located at 1.5355 (38.2% of 1.5107-1.5509), above which the pair could test offers at 1.5380 (50-DMA). A break above the same would open doors for 1.5414 (23.6% of 1.5107-1.5509). On the lower side, a failure to sustain above 1.5331 (200-DMA) could push the spot lower to 1.5306 (Friday’s low) and 1.5260 (61.8% of 1.5107-1.5509).

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