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GBP/USD on the rise, nears hourly 50-MA

FXStreet (Mumbai) - The bid tone on the GBP gained traction in early Europe, pushing the GBP/USD pair near the hourly 50-MA located at 1.5036.

Three-day losing streak stalled

The three-day losing streak in Sterling came to a halt in Asia as the risk sentiment stabilized with Chinese equity markets advancing more than 0.50%. The cable fell to a low of 1.4956 on Tuesday before trimming losses to end the day above 1.50 handle.

With no major economic data due in the UK and US, the currency pair is at the mercy of the overall market sentiment.

GBP/USD Technical Levels

At 1.5025, the immediate resistance is seen at 1.5036 (hourly 50-MA), above which the pair could test 1.5063 (38.2% of 1.5336-1.4895). A break higher would expose 1.51 levels. On the other hand, a break below 1.4996 (61.8% of 1.5159-1.4895) could open doors for a re-test of previous day’s low of 1.4956.

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