• The GBP/USD pair declined on Wednesday, as the pair attracted short selling interest after data showed new orders for U.S. manufactured capital goods rose for a second straight month in July.
   
• The pair declined to hit intraday low at 1.3167 after the data release, but recovered slightly towards 1.3205 in the early US session.
   
• Further, downside is expected to be limited as the pound presents positive tone ahead of Fridays UK GDP data.
   
• To the upside, the strong resistance can be seen at 1.3300, a break above this level would expose the pair towards next resistance level at 1.3330.
   
• To the downside, immediate support can be seen 1.3163, a break below at this level will open the door towards next level at 1.3088.
  
  Resistance Levels
  
  R1:  1.3236 (38.2 % Retracement level)  
  
  R2: 1.3300 (Psychological levels)
  
  R3: 1.3330 (23.6 % Retracement level)
  
  Support Levels
  
  S1: 1.3163 (50 % Retracement level)       
  
  S2: 1.3088 (61.8 % Retracement level)   
  
  S3: 1.3030 (Aug 22nd lows)