• GBP/USD rose on Thursday as growing concerns over the outcome of French presidential elections and sharp decline in US dollar helped the British pound.
   
• Much of the move was due to a broad selloff in the U.S. dollar after overnight Federal Reserve policy meeting dampened expectations of an interest rate hike in March. 
   
• The minutes of the Jan. 31-Feb. 1 discussion, showed the U.S. central bank voted to keep rates unchanged, also showed the depth of uncertainty at the Fed because of a lack of clarity on the new Trump administration's economic program.
   
• Further upside for this pair is expected to be limited as strong resistance level at 1.2633 is set to limit upside and bring decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 1.2558, a break above this level would expose the cable to next resistance level at 1.2600 levels.
   
• To the downside strong support can be seen at 1.2484, a break below at this level will open the door towards next level at 1.2425.
  
  Resistance Levels
  
  R1:  1.2558 (50 % Retracement level)
  
  R2: 1.2600 (Psychological levels)
  
  R3: 1.2633 (61.8 % Retracement level)
  
  Support Levels
  
  S1: 1.2484 (38.2 % Retracement level)                   
  
  S2: 1.2425 (Daily lows)
  
  S3: 1.2385 (23.6 % Retracement level)