• The Sterling remained in strong bearish tone against dollar on Thursday as selling interest continued as dollar extended its gains from a day earlier when the Federal Reserve hiked U.S. interest rates and signaled increases would follow at a faster pace next year.
   
• The Federal Reserve on Wednesday upped its forecasts for rate rises next year from two to three quarter-point moves, leading to a wave of dollar buying in U.S. time.
   
• Currently, the currency pair is trading at 1.2450 levels, it is set to decline further towards 1.2370 and later 1.2300 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.2515, a break above this level would expose to cable to next resistance level at 1.2569.
   
• To the downside immediate support can be seen at 1.2378, a break below will open the door towards next level at 1.2344.
  
  Resistance Levels
  
  R1: 1.2445 (50% Retracement Level)
  
  R2: 1.2515 (61.8% Retracement Level)
  
  R3: 1.2569 (Dec 15th high)
  
  Support Levels
  
  S1: 1.2378 (38.2% Retracement Levels)
  
  S2: 1.2344 (Oct 9th lows)
  
  S3: 1.2291 (23.6% Retracement Levels)