• GBP/USD declined on Tuesday as the pound came under selling pressure ahead of Britain's formal launch of negotiations on leaving the European Union.
   
• British Prime Minister Theresa May will trigger Article 50 of the EU's Lisbon Treaty with a formal notification of Britain's intent to leave the bloc on Wednesday, kicking off a two-year period of exit talks.
   
• Investors' main fear is that a "hard" Brexit one in which Britain would lose preferential access with its largest trading partner would damage the British economy, which is showing signs of faltering.
   
• Worries are also growing that Britain's exit negotiations could be tough and protracted, as both Theresa May and European leaders take bold opening stances.
   
• The currency pair is trading around 1.2512 levels and it is set to decline towards 1.2450 and 1.2400 in the short term.
   
• To the upside, immediate resistance can be seen at 1.2602, a break above this level would expose the cable to next resistance level at 1.2672.
   
• To the downside, immediate support can be seen at 1.2496 a break below at this level will open the door towards next level at 1.2431.
  
  Resistance Levels
  
  R1:  1.2550 (50% Retracement level)       
  
  R2: 1.2602 (61.8% Retracement level)    
  
  R3: 1.2672 (Jan 26th high)
  
  Support Levels
  
  S1: 1.2496 (38.2% Retracement level)                    
  
  S2: 1.2431 (23.6% Retracement level)
  
  S3: 1.2380 (Feb 15th lows)