• GBP/USD declined on Monday as sellers stepped in after the pair inched higher towards 1.2250 in the European session.
   
• A stronger U.S. dollar also added losses for the Sterling as the dollar firmed on upbeat economic data and increased expectation that Federal Reserve will raise interest rate in December.
   
• Currently, the pair is trading at 1.2207, a short rise towards 1.2240 should be viewed as selling opportunity.
   
• To the upside, the strong resistance can be seen at 1.2278, a break above this level would expose the cable to next resistance level at 1.2334.
   
• To the downside, immediate support can be seen at 1.2149, a break below at this level will open the door towards next level at 1.2073.  
  
  Resistance Levels
  
  R1:  1.2215 (50% Retracement level)       
  
  R2: 1.2278 (61.8% Retracement level)
  
  R3: 1.2334 (Oct 19th high)
  
  Support Levels
  
  S1: 1.2149 (38.2% Retracement level)    
  
  S2: 1.2073 (23.6% Retracement level)    
  
  S3: 1.2000 (Psychological levels)