• The GBP/USD pair declined sharply in early the European session to hit low at 1.4460. However, after negative US ADP Nonfarm Employment data the pair rebounded back in quick succession and erased the all the earlier losses in US session.
   
• Currently the pair is trading around 1.4498 levels, it is set to decline further towards 1.4450 later towards 1.4400 levels in the short term as the British pound is weaker against the dollar.
   
• To the upside, the strong resistance can be seen at 1.4540, a break above this level would expose to cable to next resistance level at 1.4617.
   
• To the downside immediate support can be seen at 1.4447, a break below will open the door towards next level at 1.4400.
  
  Resistance Levels
  
  R1: 1.4540 (38.2% Retracement Level)
  
  R2: 1.4617 (50% Retracement Level)
  
  R3: 1.4695 (61.8% Retracement Level)
  
  Support Levels
  
  S1: 1.4447 (38.2% Retracement Level)
  
  S2: 1.4400 (Psychological levels)
  
  S3: 1.4316 (April 22nd lows)