FXStreet (Mumbai) - The GBP/USD neared the hourly 50-MA located at 1.4215 levels as shorts continue to get squared off after the weak US data releases, before retreating to 1.42 levels. Hovers around 1.42 The pair currently trades around 1.42 levels, but looks northwards after recovering from the daily low of 1.4215 on the back of a drop in the UK unemployment rate. However, the gains are being capped around the hourly 50-MA as risk aversion and the resulting demand for the safe haven treasuries keeps the greenback in demand. The data calendar in the US is empty now. Hence, overall market sentiment should continue to guide GBP/USD pair until tomorrow’s ECB rate decision. GBP/USD Technical Levels The immediate resistance is seen at 1.4215 (hourly 50-MA), under which the pair could test 1.4274 (hourly 100-MA). On the other hand, a break below 1.4125 (daily low) would open doors for a drop 1.41 handle. For more information, read our latest forex news.