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GBP/USD off lows, weak US data aids recovery

FXStreet (Mumbai) - The GBP/USD pair is extending recovery off lows, following a release of the weaker-than-expected Chicago Fed National activity index.

Recovery stalls near 1.5150

The cable recovered from the low of 1.5125 to 1.5135 and extended recovery to 1.5145 after the Chicago national activity index was reported at -0.04. However, the recovery is stalling near 1.5150 as the traders await US existing home sales figure and preliminary manufacturing PMI report.

Markets also await the conclusion of the Fed’s closed meeting on the discount rate. At the moment, the pair is trading around 1.5142.

GBP/USD Technical Levels

The immediate support is located at 1.5087 (61.8% of Apr-Jun rally), under which the losses could be extended to 1.50 handle. On the other side, resistance is seen at 1.5197 (daily high) and 1.5248 (50% of Apr-Jun rally).

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