• The GBP/USD sharply declined on Monday, as concerns over a possible Brexit from Europe weighted on the currency pair. 
  
  
• The currency pair initially rebounded towards higher levels in the earlier European session, however after finding minor resistance at 1.4815 levels the pair has decline towards 1.4715 levels. 
  
  
• Currently the cable is trading around 1.4715 levels, it is set to decline further towards 1.4650 later towards 1.4600 levels in the short term.
  
  
• To the upside, the strong resistance can be seen at 1.4759, a break above this level would expose to cable to next resistance level at 1.4849.
  
  
• To the downside immediate support can be seen at 1.4689, a break below will open the door towards next level at 1.4634.
  
  Recommendation: Go short around 1.4740, targets 1.4680, 1.4640, SL 1.4800
  
  Resistance Levels
  
  R1: 1.4759 (38.2% Retracement Level)
  
  R2: 1.4825 (50% Retracement Level)
  
  R3: 1.4849 (Dec 30th high)
  
  Support Levels
  
  S1: 1.4689 (23.6% Retracement Level)
  
  S2: 1.4634 (March 18th low)
  
  S3: 1.4579 (April 10th low)