• GBP/USD declined on Thursday as investors brushed off the finance minister's budget statement the previous day as largely a non-event that would do little to boost growth in Britain as it prepares to leave the European Union.
   
• A stronger U.S. dollar also added losses for the Sterling as the dollar firmed on upbeat economic data and increased expectation that Federal Reserve will raise interest rate next week.
   
• The number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but the labor market continues to tighten amid a sharp drop in job cuts in February.
   
• Initial claims for state unemployment benefits rose 20,000 to a seasonally adjusted 243,000 for the week ended March 4, the Labor Department said on Thursday. Claims for the prior week were unrevised at 223,000, the lowest level since March 1973.
   
• Further upside for this pair is expected to be limited as strong resistance level at 1.2209 is set to limit upside and bring decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 1.2209, a break above this level would expose the cable to next resistance level at 1.2300 levels.
   
• To the downside strong support can be seen at 1.2129, a break below at this level will open the door towards next level at 1.2051.
  
  Resistance Levels
  
  R1:  1.2209 (61.8 % Retracement level)
  
  R2: 1.2300 (Psychological levels)
  
  R3: 1.2390 (Dec 30nd high)
  
  Support Levels
  
  S1: 1.2129 (50 % Retracement level)                       
  
  S2: 1.2051 (38.2 % Retracement level)
  
  S3: 1.1952 (23.6 % Retracement level)