• The GBP/USD pair declined on Wednesday, as the Pound found selling interest after poor British industrial output data weighted on the British pound .
   
• Figures for October showed industrial output fell 1.3 percent month-on-month after a 0.4 percent decline in September.
   
• The pair eased to intraday low at 1.2562 after the data release but recovered towards 1.2608 in the US session.
   
• Further upside is expected to be limited as the pound presents negative tone and is set to resume downward momentum against the dollar.
   
• To the upside, the strong resistance can be seen at 1.2677 a break above this level would expose the pair towards next resistance level at 1.2746.
   
• To the downside, immediate support can be seen 1.2566, a break below at this level will open the door towards next level at 1.2522.
  
  Resistance Levels
  
  R1:  1.2607 (38.2 % Retracement level)  
  
  R2: 1.2677 (50 % Retracement level)
  
  R3: 1.2746 (61.8% Retracement level)
  
  Support Level
  
  S1: 1.2566 (Daily lows)  
  
  S2: 1.2522 (23.6% Retracement level)   
  
  S3: 1.2474 (Nov 30th lows)