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GBP/USD extends losses, tests hourly 50-MA

FXStreet (Mumbai) - The bid tone on the USD strengthened further in early Europe, pushing the GBP/USD to a fresh session low of 1.5169 levels.

Hovers around hourly 50-MA

The pair now hovers around its hourly 50-MA located at 1.5179 levels. The USD demand came back in Asia as investors look towards the Fed meeting, which is likely to end with a rate hike. An upbeat China data over the weekend also calmed market nerves and increased demand for the USD.

With an empty data docket in the UK and US, the focus is likely to be on the Us treasury yields; which at the time of writing; were trading higher.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5238 (50-DMA)-1.5248 (50% of Apr-Jun rally), above which the pair could test 1.5330 (July 8 low). On the other side, a break below 1.5167 (61.8% of 1.5336-1.4895) would expose 1.5154 (Nov 17 low), under which the pair could test 5-DMA at 1.5127.

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