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GBP/USD off lows, but below hourly 200-MA

FXStreet (Mumbai) - The GBP/USD pair recovered off its low of 1.5166, but stays below its hourly 200-MA located at 1.5175 levels.

Awaits UK data

The Sterling traders await the UK monthly CPI figure, which could show the core inflation steadies, while the headline figure rebounded in the positive territory. As per latest BOE forecasts, the inflation is likely to remain low and faces downside risks.

Later in the day, the US CPI figure would be watched out by traders, although it could turn out to be non-event for the markets since the December liftoff is widely considered as a done deal.

GBP/USD Technical Levels

The immediate resistance is located at 1.5205 (hourly 100-MA & hourly 50-MA), above which gains could be extended to 1.5248 (50% of Apr-Jun rally). On the other side, 1.5138 (23.6% of 1.5497-1.5207) could offer support followed by 1.51 handle.

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