• The GBP/USD declined sharply on Friday as sellers stepped in after opinion poll showed Prime Minister Theresa May's lead down to just 5 percentage points over the Labour opposition less than two weeks before a general election.
   
• The British pound was also weighed down after U.S. gross domestic product in the first quarter and data on durable goods orders in April came in a bit stronger than analysts forecasts.
   
• The pound hit a three-week low of $1.2787, more than two cents below last week's six-month highs.
   
• The pair remains under bears control unless until it trades below 1.2865 resistance level, therefore it is good to sell this pair on rallies.
   
• To the upside, immediate resistance can be seen at 1.2810, a break above this level would expose to cable to next resistance level at 1.2865.
   
• To the downside immediate support can be seen at 1.2786, a break below will open the door towards next level at 1.2754.
  
  Resistance Levels
  
  R1: 1.2810 (50% Retracement Level)
  
  R2: 1.2865 (61.8% Retracement Level)
  
  R3: 1.2900 (Psychological levels)
  
  Support Levels
  
  S1: 1.2786 (Session lows)
  
  S2: 1.2754 (38.2% Retracement Levels)
  
  S3: 1.2685 (23.6% Retracement Levels)