• GBP/USD declined in the earlier session to hit low at 1.3094 levels. However, the currency pair recovered after US equity markets edged lower as a 2 percent drop in crude prices weighed on investor sentiment.
   
• Currently the pair is consolidating around 1.3143, nevertheless, short pullback towards 1.3230 levels should be viewed as selling opportunities as the resistance level at 1.3272 is set to hold the bulls from advancing further above and push the pair towards lower levels in the short term.
   
• To the upside, immediate resistance can be seen at 1.3150, a break above this level would expose the cable to next resistance level at 1.3211.
   
• To the downside strong support can be seen at 1.3070, a break below at this level will open the door towards next level at 1.3000.
  
  Resistance Levels
  
  R1:  1.3150 (38.2% Retracement level)   
  
  R2: 1.3211 (50% Retracement level)        
  
  R3: 1.3272 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3070 (23.6% Retracement level)                    
  
  S2: 1.3000 (Psychological levels)
  
  S3: 1.2954 (July 12th lows)