• The GBP/USD has slipped back sharply, by trading in lower range, shedding more than 140pips to trade around 1.5119 levels. Currently the pair is approaching to test resistance level located at 1.5116 levels.
   
• Currently the cable is trading around 1.5120 levels, it is set to decline further towards 1.5080 later towards 1.5000 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.5168, a break above this level would expose to cable to next resistance level at 1.5200.
   
• To the downside immediate support can be seen at 1.5116, a break below will open the door towards next level at 1.5061.
  
  Recommendation: Go short below 1.5140, targets 1.5080, 1.5000, SL 1.5255
  
  Resistance Levels
  
  R1: 1.5168 (61.8% Retracement Level)
  
  R2: 1.5200 (Psychological Level)
  
  R3: 1.5254 (Nov 20th high)
  
  Support Levels
  
  S1: 1.5116 (50% Retracement Levels)
  
  S2: 1.5061 (38.2% Retracement Level)
  
  S3: 1.5000 (23.6% Retracement Level)