FXStreet (Mumbai) - GBP/USD halted its recovery mode from eight-month lows at 1.4950 and drifted back towards 1.49 handle as the greenback trimmed losses against its major peers. GBP/USD regains hourly 20-SMA The GBP/USD pair trades 0.18% higher at 1.4928, reversing a brief dip below 1.49 handle some minutes ago. The major defends gains and remains within a shouting distance of daily as the US dollar halted its corrective slide and recovered losses against its six major competitors. The USD index now trades -0.10% lower at 99.08 versus -0.40% previous. Moreover, the losses in the European equities also triggered renewed wave of risk-aversion into markets, capping further upside in the cable. While the downside remains cushioned on the back of stabilizing oil prices. Looking ahead, the UK docket remains data-empty and hence, attention shifts to the US services PMI and Fed Lacker’s speech due later today ahead of next week’s US Q3 GDP revision. GBP/USD Levels to consider The pair has an immediate resistance at 1.4958 (1h 50-SMA), above which 1.5004 (Dec 17 High) would be tested. On the flip side, support is seen at 1.4908 (1h 20-SMA) below which it could extend losses to 1.4886 (daily low). For more information, read our latest forex news.