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GBP/USD sell-off stalled at hourly 100-MA

FXStreet (Mumbai) - The drop in the GBP/USD pair stalled at the hourly 100-MA located at 1.5055 levels and now trades above its hourly 200-MA located at 1.5065 levels.

Back above key Fib

The pair is back above the confluence of the hourly 200-MA and 38.2% of 1.5336-1.4895 located at 1.5065-1.5063. The broad based USD rally pushed the pair to 1.5055 levels, where it may have found support on account of the drop in the EUR/GBP cross.

Sterling traders await BOE Carney’s speech for more clarity regarding the timing of the liftoff. The pair currently trades at 1.5075; above its 5-DMA and 10-DMA at 1.5065 and 1.5074.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5115 (50% of 1.5336-1.4895), above which the pair could target 1.5156 (Friday’s high). A break above could be met by offers at 1.5167 (61.8% of 1.5336-1.4895). On the lower side, a break below the hourly 100-MA at 1.5055 would expose 1.5028 (Nov 27 low), under which the spot could target 1.4950 (Dec 2 close).

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