• GBP/USD declined on Thursday as sterling was weighed down on after data showed Britain's economy slowed more than previously thought in the first quarter of this year.
   
• Gross domestic product grew by just 0.2 percent compared with an earlier estimate of 0.3 percent. Most economists had forecast the rate of growth would stay unchanged, which already marked a steep slowdown from the rapid 0.7 percent pace achieved in the final three months of 2016.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.3045 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, immediate resistance can be seen at  1.2983, a break above this level would expose the cable to next resistance level at 1.3016 levels.
   
• To the downside strong support can be seen at 1.2887, a break below at this level will open the door towards next level at 1.2844.
  
  Resistance Levels
  
  R1:  1.2983 (50% Retracement level)
  
  R2: 1.3016 (Daily high)
  
  R3: 1.3045 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.2921 (38.2 % Retracement level)                   
  
  S2: 1.2887 (May 18th lows)
  
  S3: 1.2844 (23.6 % Retracement level)