FXStreet (Mumbai) - The offered tone on the GBP made a comeback in Europe, ensuring the GBP/USD backed-off from the session high of 1.4929 to trade around 1.4907 levels. Trades below hourly 50-MA Currently, the spot trades below the hourly 50-MA at 1.4910 levels. The move witnessed in Asia and early Europe was similar to the one seen on Friday. Sterling has had a hard time of late as the markets do not see the BOE liftoff in 2016. The cable remains at the mercy of the overall market demand for the USD. The action may be erratic on account of thin volumes ahead of the Christmas day holiday. GBP/USD Technical Levels The immediate resistance is located at 1.4957 (Dec 8 low), above which the pair could target 1.4994 (5-DMA)-1.50 levels. On the other hand, a break below 1.4888 (76.4% Fibo of Apr-Jun rally) would open doors for a drop to 1.4739 (Apr 1 low). For more information, read our latest forex news.