• GBP/USD declined on Tuesday as sterling was weighted down on worries about a possible second Scottish independence referendum and the triggering of Article 50, which will formally begin the negotiations that will take Britain out of the EU.
   
• A stronger U.S. dollar also added losses for the Sterling as the dollar firmed on expectations that U.S. Federal Reserve will hike interest rate on Wednesday.
   
• The Fed starts a two-day monetary policy meeting on Tuesday. Fed funds futures have priced in a 95 percent chance the Fed will nudge rates higher on Wednesday.
   
• Further upside for this pair is expected to be limited as strong resistance level at 1.2251 is set to limit upside and bring decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 1.2145, a break above this level would expose the cable to next resistance level at 1.2186 levels.
   
• To the downside strong support can be seen at 1.2110, a break below at this level will open the door towards next level at 1.2062.
  
  Resistance Levels
  
  R1:  1.2145 (50% Retracement level)
  
  R2: 1.2186 (61.8 % Retracement level)
  
  R3: 1.2251 (March 13th high)
  
  Support Levels
  
  S1: 1.2110 (38.2 % Retracement level)                   
  
  S2: 1.2062 (23.6 % Retracement level)
  
  S3: 1.2000 (Psychological levels)