• The GBP/USD pair inched higher on Thursday as weak Chinese data weakened dollar demand across the board and pushed investors to buy safe-haven assets after two straight days of selling.
   
• The Fed on Wednesday released the minutes of its last rate-setting meeting that showed several policymakers felt a rate hike was warranted "relatively soon" if the U.S. economy continued to strengthen.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.2325 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels in the short term.
   
• To the upside, immediate resistance can be seen at 1.2228, a break above this level would expose the cable to next resistance level at 1.2325 levels.
   
• To the downside strong support can be seen at 1.2154, a break below at this level will open the door towards next level at 1.2073.
  
  Resistance Levels
  
  R1:  1.2228 (61.8 % Retracement level)
  
  R2: 1.2325 (Oct 12th high)
  
  R3: 1.2385 (Oct 11th high)
  
  Support Levels
  
  S1: 1.2154 (50 % Retracement level)                       
  
  S2: 1.2073 (38.2 % Retracement level)
  
  S3: 1.2000 (Psychological levels)