GBP/USD supported by hourly 50-MA

By FXStreet FXStreet (Mumbai) – The GBP/USD pair is once again finding support at its hourly 50-MA currently located at 1.5173 levels ahead of the US services PMI data release.

Stuck between hourly 200-MA and 50-MA

At the moment, cable appears stuck between its hourly 200-MA and 50-MA located at 1.5187 and 1.5173 levels. The dismal UK manufacturing US services PMI report released earlier today kept the Sterling below 1.52, however, the prevailing risk-on in the equities ensured the losses remained capped around hourly 50-MA.

The focus now shifts to the US ISM non-manufacturing PMI report due for release today. Investors would closely watch the report to see if the service sector added to labor market strength in September.

GBP/USD Technical Levels

At 1.5181, the immediate support is seen at 1.5186 (hourly 50-MA), under which the spot could drop to 1.5107 (Oct 1 low). On the other side, resistance is located at 1.5244 (Oct 5 high) and 1.53 levels.
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Source:: FX Street