• The GBP/USD struggled for direction on Wednesday as investors awaited for first quarter growth numbers due on Friday in a week so far dominated by events in the eurozone.
   
• Besides the gross domestic product numbers due on Friday, investors are also on the lookout highly anticipated US tax plan.
   
• President Donald Trump is proposing to slash the corporate tax rate and offer multinational businesses a steep tax break on overseas profits brought into the United States.
   
• The biggest tax cut in U.S. history due to be released later on Wednesday would cut the business tax rate to 15 percent, including for small businesses.
   
• Further upside in this pair should be limited as sterling is set to weaken against the greenback in the short term.
   
• To the upside, immediate resistance can be seen at 1.2859, a break above this level would expose the cable to next resistance level at 1.2937 levels.
   
• To the downside strong support can be seen at 1.2760, a break below at this level will open the door towards next level at 1.2700.
  
  Resistance Levels
  
  R1:  1.2859 (38.2 % Retracement level)
  
  R2: 1.2937 (50 % Retracement level)
  
  R3: 1.3000 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.2760 (23.6 % Retracement level)                   
  
  S2: 1.2700 (Psychological levels)
  
  S3: 1.2650 (Dec 12th lows)