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GBP/USD: Bulls struggling to extend beyond 1.5080

FXStreet (Mumbai) - GBP/USD stalls its recovery near 1.5080 region and eases slightly heading into early European trades, as markets continue to weigh the recent risk events surrounding the major that occurred last week.

GBP/USD: the calm after NFP storm

The GBP/USD pair trades 0.13% higher at 1.5074, retreating from session highs posted at 1.5077 in last hours. The major attempts a 50-pips recovery from multi-month lows on Monday and extends higher in a bid to regain 1.51 barrier.

The cable was relentlessly sold-off on Friday after the US jobs data positively surprised markets and reinforced beliefs that the Fed will hike rates in Dec.

The pound lost almost 500 pips against its American counterpart last week, having faced double whammy from unexpectedly dovish BOE minutes and QIR. While hawkish Yellen’s comments coupled with superb US jobs data also weighed heavily on GBP/USD.

The major will track the broader market sentiment in absence of an empty UK docket, while the US session also offers limited economic data for the pair.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5100 (round number), above which 1.5153 (5-DMA) would be tested. On the flip side, support is seen at 1.5042 (Today’s low). Selling pressure would intensify below the last, dragging the pair towards 1.5028 (Nov 6 Low).

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