• GBP/USD rose sharply on Thursday after UK retail sales data showed better than expected figures, apparently unaffected by Britain's vote to leave the European Union.
   
• However, the pair turned back in the early US session after failing to break resistance level 1.3174, as the pound ran out of strength against US dollar.
   
• The pair has to break resistance level at 1.3247 levels in order find any bullish momentum, unless until trend continues to be strongly bearish for this pair.
   
• To the upside, immediate resistance can be seen at 1.3174, a break above this level would expose the cable to next resistance level at 1.3247.
   
• To the downside immediate support can be seen at 1.3110, a break below at this level will open the door towards next level at 1.3050.
  
  Resistance Levels
  
  R1: 1.3174 (61.8% Retracement level)    
  
  R2: 1.3247 (June 28th high)           
  
  R3: 1.3300 (Psychological levels)
  
  Support Levels
  
  S1: 1.3110 (50% Retracement level)                        
  
  S2: 1.3050 (38.2% Retracement level)
  
  S3: 1.2975 (23.6% Retracement level)