• GBP/USD declined on Tuesday as sterling was weighed down by expectations that the Bank of England Governor Mark Carney could flag the possibility of further monetary easing when he speaks later in the day.
   
• Carney appears at the House of Lords Economic Committee to discuss the economic consequences of the Brexit vote.
   
• Further upside for this pair is expected to be limited as strong resistance level at 1.2200 is set to limit upside and bring decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 1.2121, a break above this level would expose the cable to next resistance level at 1.2200 levels.
   
• To the downside strong support can be seen at 1.2000, a break below at this level will open the door towards next level at 1.1943.
  
  Resistance Levels
  
  R1:  1.2121 (50% Retracement level)
  
  R2: 1.2200 (61.8 % Retracement level)
  
  R3: 1.2249 (Daily high)
  
  Support Levels
  
  S1: 1.2038 (38.2 % Retracement level)                   
  
  S2: 1.2000 (Psychological levels)
  
  S3: 1.1943 (23.6 % Retracement level)