• The Sterling remained in strong bearish tone against dollar on Monday as selling interest continued as U.S. Federal Reserve rate hike last week continued to weigh on Sterling.
   
• Traders await a speech from Fed Chair Janet Yellen at 1:30 p.m. (1830 GMT) for possible hints that last week's Fed meeting, where policy-makers signaled the central bank could increase interest rates three times in 2017.
   
• Currently, the currency pair is trading at 1.2373 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 1.2447, a break above this level would expose to cable to next resistance level at 1.2509.
   
• To the downside immediate support can be seen at 1.2304, a break below will open the door towards next level at 1.2221.
  
  Resistance Levels
  
  R1: 1.2378 (50% Retracement Level)
  
  R2: 1.2447 (61.8% Retracement Level)
  
  R3: 1.2509 (Dec 16th highs)
  
  Support Levels
  
  S1: 1.2304 (38.2% Retracement Levels)
  
  S2: 1.2221 (23.6% Retracement Levels)
  
  S3: 1.2200 (Psychological levels)