• The GBP/USD rose towards 3 ½ -month high on Thursday as the sterling was boosted by better than expected retail sales report for April. However, the pair retreated back towards 1.4570 levels as the pair attracted short selling interest in US session.
   
• Currently the pair is trading around 1.4634 levels, it is set to advance further towards 1.4700 later towards 1.4766 levels as the sterling trading stronger across the board versus US dollar.
   
• To the upside, the strong resistance can be seen at 1.4700, a break above this level would expose to cable to next resistance level at 1.4766.
   
• To the downside immediate support can be seen at 1.4551, a break below will open the door towards next level at 1.4500.
  
  Resistance Levels
  
  R1: 1.4666 (23.6% Retracement Level)
  
  R2: 1.4700 (Psychological Level)
  
  R3: 1.4766 (May 3rd high)
  
  Support Levels
  
  S1: 1.4603 (38.2% Retracement Level)
  
  S2: 1.4551 (50% Retracement Level)
  
  S3: 1.4500 (61.8% Retracement Level)