• The GBP/USD slipped back sharply, after Bank of England said falling oil prices and borrowing costs as barrier to economy growth. Immediately after the comments from the central bank's policy makers the pair slipped to hit low at 1.5121 levels before gradually recovering to trade around 1.5160 levels.
  
  
• The cable is set to come under strong selling pressure as the resistance level at 1.5264 is set to hold the bulls from advancing further.
  
  
• Currently the cable is trading around 1.5160 levels, it is set to decline further towards 1.5080 later towards 1.5000 levels in the short term.
  
  
• To the upside, the strong resistance can be seen at 1.5254, a break above this level would expose to cable to next resistance level at 1.5300.
  
  
• To the downside immediate support can be seen at 1.5116, a break below will open the door towards next level at 1.5061.
  
  Recommendation: Go short around 1.5200, targets 1.5080, 1.5000, SL 1.5255
  
  Resistance Levels
  
  R1: 1.5168 (61.8% Retracement Level)
  
  R2: 1.5200 (Psychological Level)
  
  R3: 1.5254 (Nov 20th high)
  
  Support Levels
  
  S1: 1.5116 (50% Retracement Levels)
  
  S2: 1.5061 (38.2% Retracement Level)
  
  S3: 1.5000 (23.6% Retracement Level)