• GBP/USD declined on Wednesday as sterling was weighted down ahead of the release of Federal Reserve minutes that should provide a clearer picture on when policymakers will raise U.S. interest rates.
   
• The pair made session low at 1.2159 but recovered slightly to trade at 1.2240 levels.
   
• Further upside for this pair is expected to be limited as strong resistance level at 1.2422 is set to limit upside and bring decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 1.2320, a break above this level would expose the cable to next resistance level at 1.2377 levels.
   
• To the downside strong support can be seen at 1.2220, a break below at this level will open the door towards next level at 1.2154.
  
  Resistance Levels
  
  R1:  1.2320 (50% Retracement level)
  
  R2: 1.2377 (Oct 11th high)
  
  R3: 1.2422 (61.8 % Retracement level)
  
  Support Levels
  
  S1: 1.2220 (38.2 % Retracement level)                   
  
  S2: 1.2154 (Session lows)
  
  S3: 1.2090 (23.6 % Retracement level)