• The Sterling remained in strong bearish tone against dollar on Monday as selling interest continued as the pair was weighed down after investors were concerned that Britain will make a hard exit from the European Union.
   
• Currently, the currency pair is trading at 1.2391 levels, it is set to decline further towards 1.2300 and later 1.2250 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.2515, a break above this level would expose to cable to next resistance level at 1.4600.
   
• To the downside immediate support can be seen at 1.2344, a break below will open the door towards next level at 1.2250.
  
  Resistance Levels
  
  R1: 1.2425 (50% Retracement Level)
  
  R2: 1.2515 (61.8% Retracement Level)
  
  R3: 1.4600 (Psychological levels)
  
  Support Levels
  
  S1: 1.2344 (38.2% Retracement Levels)
  
  S2: 1.2250 (23.6% Retracement Levels)
  
  S3: 1.2215 (Oct 7th lows)