• The GBP/USD pair initially inched higher at the beginning of the US session  but soon resumed its downside as  investors upped their bets that Federal Reserve will raise U.S. interest rates before the end of the year.
   
• The currency pair is trading at 1.2245 levels, it is set to decline further towards 1.2200 and later 1.2150  levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.2334 a break above this level would expose to cable to next resistance level at 1.2434.
   
• To the downside immediate support can be seen at 1.2230, a break below will open the door towards next level at 1.2200.
  
  Resistance Levels
  
  R1: 1.2334 (50% Retracement Level)
  
  R2: 1.2434 (61.8% Retracement Level)
  
  R3: 1.2480 (Oct 7th high)
  
  Support Levels
  
  S1: 1.2230 (38.2% Retracement Levels)
  
  S2: 1.2200 (Psychological levels)
  
  S3: 1.2104 (23.6% Retracement Levels)