FXStreet (Mumbai) - Sterling bulls are probably at their weakest since pre-UK election time, due to even a technical correction in the GBP/USD was hard to come in the Asian session. A minor recovery to 1.4950 quickly ran out steam and the pair fell back to near 1.4930 levels ahead of the UK services PMI report. Service sector contributes more than 70% to UK GDP The service sector dominates the UK economy and thus the services PMI, usually results in a knee-jerk reaction in the GBP pairs. The headline figure for November is seen largely unchanged at 55.00 from Oct’s 54.9. The activity had hit a 28-month low of 53.3 in September. The traders would be interested to see the cost pressures in the service sector. The BOE revised its inflation forecasts lower in its quarterly inflation report (QIR) and said price pressures are likely to remain low in the short-term. Cost pressures faced by services companies in October matched August's seven-month low and remained a long way off the survey's long-run trend. A similar reading in November could limit gains in Sterling (on an upbeat headline figure). The other point that would attract attention is the growth in the new orders (stuck near 2-1/2 year low in October). Meanwhile, a rise in the employment numbers may not strengthen bulls, since service providers (like construction firms) often hire more employees to compensate for a falling productivity. GBP/USD Technical Levels At 1.4930, the pair faces immediate resistance at 1.4942 (hourly classic pivot resistance), above which the pair could target the falling channel resistance at 1.4972. A break higher would expose 1.5019 (hourly 50-MA). On the other side, a break below 1.4895 (previous day’s low) would expose 1.4856 (Apr 21 low), under which the support at 1.4739 (Apr 1 low) could come into play. For more information, read our latest forex news.