• The Sterling remained in strong bearish tone against dollar on Wednesday as sterling was weighted down after Britain formally triggered its exit process from the European Union.
   
• Prime Minister Theresa May filed formal Brexit divorce papers on Wednesday, triggering years of negotiations that will test the cohesion of the European Union.
   
• Prime Minister Theresa May's 6-page Brexit letter to European Council President Donald Tusk set a positive tone for the talks, though it admitted that the task of extracting the UK from the EU was momentous and that reaching a comprehensive agreement within two years would be a challenge.
   
• Currently, the currency pair is trading at 1.2424 levels, it is set to decline further towards 1.2350 and later 1.2300 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.2523, a break above this level would expose to cable to next resistance level at 1.2615.
   
• To the downside immediate support can be seen at 1.2368, a break below will open the door towards next level at 1.2269.
  
  Resistance Levels
  
  R1: 1.2447 (50% Retracement Level)
  
  R2: 1.2523 (61.8% Retracement Level)
  
  R3: 1.2615 (March 27th highs)
  
  Support Levels
  
  S1: 1.2368 (38.2% Retracement Levels)
  
  S2: 1.2269 (23.6% Retracement Levels)
  
  S3: 1.2200 (Psychological levels)