• The GBP/USD pair inched higher on Tuesday as continued relief from the outcome of the first phase of French elections supported British pound.
   
• Centrist Emmanuel Macron is now expected to defeat far-right leader Marine Le Pen in the May 7 presidential runoff.
   
• Expectations that centrist Emmanuel Macron will easily beat far-rightist Marine Le Pen in the second round on May 7 have fuelled a relief rally in the British pound.
   
• The currency pair is trading at 1.2838 levels, it is set to advance further towards 1.2860 and later 1.2900 level in the short term.
   
• To the upside, the strong resistance can be seen at 1.2906 a break above this level would expose to cable to next resistance level at 1.2940.
   
• To the downside immediate support can be seen at 1.2756, a break below will open the door towards next level at 1.2700.
  
  Resistance Levels
  
  R1: 1.2838 (38.2% Retracement Level)
  
  R2: 1.2906 (April 18th high)
  
  R3: 1.2940 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 1.2756 (50% Retracement Levels)
  
  S2: 1.2700 (Psychological levels)
  
  S3: 1.2673 (61.8% Retracement Level)