• GBP/USD recovered on Wednesday after a poll showed the country's ruling Conservative party still in the lead, overriding a previous projection of a hung parliament in elections next week.
   
• A new poll showed Prime Minister Theresa May's lead over the labour Party increased to 15 points, giving the pound some respite from a plunge on a YouGov projection that showed her Conservatives failing to secure an overall majority in the June 8 vote.
   
• A weaker U.S. dollar also added to gains for the Sterling as the dollar dipped after data showed U.S. pending home sales dropped to 1.3 pct in April.
   
• Sterling was up 0.3 percent higher on the day at $1.2899 in the afternoon US session, recovering from a low of $1.2770 hit in European session.
   
• The pair remains under bears control unless until it trades below 1.2962 resistance level, therefore it is good to sell this pair on rallies.
   
• To the upside, immediate resistance can be seen at 1.2926, a break above this level would expose to cable to next resistance level at 1.2962.
   
• To the downside immediate support can be seen at 1.2889, a break below will open the door towards next level at 1.2841.
  
  Resistance Levels
  
  R1: 1.2926 (50% Retracement Level)
  
  R2: 1.2962 (61.8% Retracement Level)
  
  R3: 1.3000 (Psychological levels)
  
  Support Levels
  
  S1: 1.2889 (38.2% Retracement Levels)
  
  S2: 1.2841 (23.6% Retracement Levels)
  
  S3: 1.2801 (April 26th lows)