• The Sterling declined sharply against the greenback on Wednesday, as sterling was weighted down on worries that the campaign for Britain to leave the European Union was gaining the upper hand.
   
• Two surveys by polling firm ICM on Tuesday showed British voters have moved towards vote for a Brexit at a referendum on June 23. The "Out" campaign stood three points ahead in both surveys, one of which was conducted online and the other by telephone.
   
• Currently the cable is trading around 1.4419 levels, it is set to decline further towards 1.4365 and later towards 1.4300 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.4507, a break above this level would expose to cable to next resistance level at 1.4582.
   
• To the downside major support can be seen at 1.4400, a break below will open the door towards next level at 1.4365.
  
  Resistance Levels
  
  R1: 1.4473 (50% Retracement Level)
  
  R2: 1.4507 (Daily high)
  
  R3: 1.4582 (61.8% Retracement Level)
  
  Support Levels
  
  S1: 1.4400 (Psychological levels)
  
  S2: 1.4365 (38.2% Retracement Level)
  
  S3: 1.4326 (May 16th lows)