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GBP/USD consolidates around 200-DMA, European stocks rise

FXStreet (Mumbai) - The GBP/USD pair is trading in the sideways manner around its 200-DMA located at 1.5340 levels after wavering in early European session, while the European stock markets extended gains, ignoring China data.

Supported by EUR/GBP cross

Sterling remains supported due to the EUR/GBP pair, which turned lower from the daily highs on the back of a weaker-than-expected Eurozone PMI numbers and due to rally in the European stocks. On the other hand, GBP being a risk currency, also finds support from the uptick in the equity markets.

Given the empty UK economic calendar, the spot is likely to continue tracking the overall market sentiment and the movement in the EUR/GBP cross.

GBP/USD Technical Levels

At 1.5338, the immediate support is seen at 1.5330 (Sep 15 low), under which the spot could drop to 1.53 levels. On the other side, resistance is seen at 1.5372 (Sep 14 low) and 1.5410 (50% of 1.5163-1.5659).

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