• Sterling declined initially against the dollar on Wednesday despite second-quarter UK growth data that came stronger but, recovered the lost ground after disappointing report on durable goods orders in the early US session.
   
• Investors awaited possible clues on an interest rate increase from the Federal Reserve at the conclusion of its two-day meeting.
   
• Further upside is expected to be limited as the resistance level at 1.3275 levels is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
   
• To the upside, the immediate resistance can be seen at 1.3154, a break above this level would expose to cable to next resistance level at 1.3215.
   
• To the downside major support can be seen at 1.3000, a break below will open the door towards next level at 1.2924.
  
  Resistance Levels
  
  R1: 1.3154 (38.2% Retracement Level)
  
  R2: 1.3215 (50% Retracement Level)
  
  R3: 1.3275 (61.8% Retracement Level)
  
  Support Levels
  
  S1: 1.3077 (38.2% Retracement Levels)
  
  S2: 1.3000 (Psychological levels)
  
  S3: 1.2924 (July 8th lows)