FXStreet (Mumbai) - The bid tone on the GBP gathered pace in early Europe, pushing the GBP/USD pair to a session high of 1.5368, before it backed off slightly to trade around 1.5360. Eyes 50-DMA ahead of CPI The pair now appears on track to test its 50-DMA located at 1.5411 levels. However, Sterling first needs to take out offers in the range of 1.5373-1.5383. The spot has failed in last three trading session to rise above the same. The UK CPI is widely expected to remain unchanged at 0.0% in September. A downside surprise cannot be ruled out, given the weakness in the energy prices. The latest spike in the Sterling could have been triggered by M&A news – UK’s SAB Miller board to recommend an AB InBev deal to shareholders. As per Livesquawk report, SABMiller, AB InBev reached agreement on acquisition for GBP 44 per share. The M&A driven spike usually does not last long enough. It remains to be seen if the spot manages to capitalize on theses gains or falls back to square one ahead of the CPI report. GBP/USD Technical Levels The immediate resistance is seen at 1.5380, above which the pair could rise to its 50-DMA located at 1.5421. A break above the same could expose 1.5482 (100-DMA). On the lower side, a break below 1.53 (23.6% of 1.5930-1.5107) would push the spot to 1.5248 (50% of Apr-Jun rally). For more information, read our latest forex news.