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GBP/USD: bears flex muscle, push it below 1.51

FXStreet (Mumbai) - Sterling bears are back in Europe, pushing the GBP/USD pair below 1.51 handle as the weak technical recovery on Monday could not even manage to test 23.6% retracement of last week’s fall.

Eyes key fib level

The pair just a few pips away from 1.5087 (61.8% of Apr-Jun rally). The USD made a comeback in the NY session, thereby stalling the corrective rally around 1.5125. Consequently, the pair fell short of the 1.5138 (23.6% of last week’s drop).

With no major UK data due today, the Sterling bears have a little reason to fear the resurgence of bulls. The US import price index data due today could be largely ignored by the markets.

GBP/USD Technical Levels

At 1.5095, the immediate resistance is seen at 1.5128 (previous day’s high) and 1.5163 (Sep 4 low), followed by a hurdle at 1.5206 (confluence of hourly 100-MA and 38.2% of last week’s drop). On the lower side, a break below 1.5087 (61.8% of Apr-Jun rally) could see the pair re-test Friday’s low at 1.5025.

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