• The GBP/USD pair declined sharply on Friday to hit three week low after Bank of England’s Governor Mark Carney warned of recession if Britain votes on Junes 23 to exit the European Union.
   
• The pair was further weighted down in the US session as dollar was boosted by strong retail sales.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.4480 is likely to act as strong barrier to the bears and bring a further decline towards lower levels.
   
• To the upside, the strong resistance can be seen at 1.4387, a break above this level would expose the cable to next resistance level at 1.4480.
   
• To the downside immediate support can be seen at 1.4296, a break below at this level will open the door towards next level at 1.4200.
  
  Resistance Levels
  
  R1:  1.4387 (50% Retracement level)       
  
  R2: 1.4480 (61.8% Retracement level)    
  
  R3: 1.4545 (May 6th high)
  
  Support Levels
  
  S1: 1.4296 (38.2% Retracement level)                    
  
  S2: 1.4200 (Psychological  levels)
  
  S3: 1.4186 (23.6% Retracement level)