• GBP/USD pair declined on Friday as traders cashed in on recent rise in the currency pair avoiding market volatility before U.S. Federal Reserve Chair Janet Yellen speech as investors anticipated rate increase in coming months.
   
• Currently the cable is trading around 1.4636 levels, it is set to decline further towards 1.4550 and later towards 1.4500 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.4692, a break above this level would expose to cable to next resistance level at 1.4738.
   
• To the downside immediate support can be seen at 1.4605, a break below will open the door towards next level at 1.4567.
  
  Resistance Levels
  
  R1: 1.4644 (50% Retracement Level)
  
  R2: 1.4692 (61.8% Retracement Level)
  
  R3: 1.4738 (May 26th high high)
  
  Support Levels
  
  S1: 1.4605 (50% Retracement Level)
  
  S2: 1.4567 (61.8% Retracement Level)
  
  S3: 1.4500 (Psychological levels)