• GBP/USD declined on Wednesday as pound halted its rise on speculation that the Bank of England will raise rates within the next year was cooled by broader concerns about a Brexit-driven economic slowdown.
   
• The pound rose to a fresh three-week high against the dollar on Tuesday after a larger than expected jump in inflation sparked expectations that the Bank of England may raise interest rates sooner than previously forecast.
   
• The pair remains under bears control unless until it trades below 1.2500 resistance level, therefore it is good to sell this pair on rallies.
   
• To the upside, strong resistance can be seen at 1.2500, a break above this level would expose the cable to next resistance level at 1.2582 levels.
   
• To the downside strong support can be seen at 1.2436, a break below at this level will open the door towards next level at 1.2346.
  
  Resistance Levels
  
  R1:  1.2500 (50% Retracement level)
  
  R2: 1.2582 (61.8% Retracement level)
  
  R3: 1.2638 (Jan 25th high)
  
  Support Levels
  
  S1: 1.2436 (38.2 % Retracement level)                   
  
  S2: 1.2346 (23.6 % Retracement level)
  
  S3: 1.2300 (Psychological levels)