• GBP/USD inched higher on Monday, as traders bought back the currency after it fell below $1.30 for the first time in a month on Friday.
   
• A weaker U.S. dollar also added to gains for the Sterling as the dollar slipped on jitters ahead of U.S. Federal Reserve monetary policy meeting.
   
• Currently, the pair is trading in overbought condition, a short rise towards 1.3100 should be viewed as selling opportunity.
   
• To the upside, the strong resistance can be seen at 1.3133, a break above this level would expose the cable to next resistance level at 1.3200.
   
• To the downside, immediate support can be seen at 1.3000, a break below at this level will open the door towards next level at 1.2923.  
  
  Resistance Levels
  
  R1:  1.3067 (50% Retracement level)       
  
  R2: 1.3133 (61.8% Retracement level)
  
  R3: 1.3200 (Psychological levels)
  
  Support Levels
  
  S1: 1.3000 (38.2% Retracement level)    
  
  S2: 1.2923 (23.6% Retracement level)    
  
  S3: 1.2853 (Aug 15th lows)