• The GBP/USD pair declined on Friday as sterling was weighted down after a survey showed growth in Britain's dominant services sector cooled and British Prime Minister Theresa May played down talk of a fresh Scottish independence vote as the UK prepares to leave the EU.
   
• The UK services PMI fell to a five-month low of 53.3 from 54.5 in January and suggested the economy is now expanding at a quarterly pace of around 0.4 percent - much slower than the 0.7 percent expansion during the fourth quarter of 2016.
   
• Friday's survey added to data suggesting investment and the economy at large is finally beginning to slow following June's vote to leave the EU.
   
• The currency pair is trading at 1.2242 levels, it is set to decline further towards 1.2200 and later 1.2160 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.2270 a break above this level would expose to cable to next resistance level at 1.2338.
   
• To the downside immediate support can be seen at 1.2201, a break below will open the door towards next level at 1.2142.
  
  Resistance Levels
  
  R1: 1.2270 (50% Retracement Level)
  
  R2: 1.2338 (61.8% Retracement Level)
  
  R3: 1.2400 (Psychological levels)
  
  Support Levels
  
  S1: 1.2201 (38.2% Retracement Levels)
  
  S2: 1.2142 (Jan 12th lows)
  
  S3: 1.2116 (23.6% Retracement Levels)