• GBP/USD declined on Monday as investors were optimistic about next interest rate hike in September following comments from top Federal Reserve officials and recent strong US economic data.
   
• The pair declined in quick succession in the early US session after positive U.S. consumption and personal income data to hit low at 1.3058.
   
• Currently, the cable is trading around 1.3064 levels, it is set to decline further towards 1.3000 later towards 1.2950 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.3155, a break above this level would expose to cable to next resistance level at 1.3200.
   
• To the downside immediate support can be seen at 1.3018, a break below will open the door towards next level at 1.2933.
  
  Resistance Levels
  
  R1: 1.3086 (50% Retracement Level)
  
  R2: 1.3155 (61.8% Retracement Level)
  
  R3: 1.3200 (Psychological levels)
  
  Support Levels
  
  S1: 1.3018 (38.2% Retracement Level)
  
  S2: 1.2933 (23.6% Retracement Level)
  
  S3: 1.2866 (Aug 15th lows)