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GBP/USD drops to 50% Fib

FXStreet (Mumbai) - The broad based USD sell-off ran out steam in Asia, which pushed the GBP/USD pair to 1.5115 (50% of 1.5336-1.4895).

Offered near Thursday’s high

The pair turned lower from the previous session’s high of 1.5158. The sharp uptick in the EUR/USD pair on Thursday pulled other major currencies higher against the USD. However, the rise in the EUR/GBP made sure the gains in the cable were far lower than those witnessed in USD/CHF pair.

The pair could continue to track the EUR/GBP pair in Europe. Later in the day, the US non-farm payrolls could influence market’s appetite for the US dollars. OPEC meeting and the resulting impact on the oil price could also influence the demand for the USD.

GBP/USD Technical Levels

At 1.5118, a break below the immediate support at 1.5115 (50% of 1.5336-1.4895) would expose 1.5087 (50% of Apr-Jun rally), which, if taken out would expose the hourly 100-MA at 1.5041. On the other side, resistance is seen at 1.5164 (Sep 4 low) and 1.5167 (61.8% of 1.5336-1.4895). A break higher would open doors for 1.52 handle.

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