GBP/USD stuck between key and hourly 50-MA

By FXStreet FXStreet (Mumbai) – The GBP/USD is now trading between the hourly 50-MA at 1.5101 and 1.5120 (23.6% of 1.5336-1.5053).

Rejected at 1.5130

The pair was rejected at 1.5130 following which it made its way back below 1.5120. The trading activity could remain dull on account of the holiday in the US and an empty Eurozone economic calendar. The Euro Stoxx futures are trading positive and that may offer support to risk assets including Sterling.

A sharp rally in the European stocks may keep EUR/GBP cross and thereby put a floor under the cable.

GBP/USD Technical Levels

At 1.5110, the immediate support is located at 1.5101 (hourly 50-MA), under which the losses could be extended to 1.5087 (61.8% of Apr-Jun rally). On the other hand, a rise above 1.5120 (23.6% of 1.5336-1.5053) would open doors for a re-test of 100-DMA at 1.5138.
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Source:: FX Street