• The Sterling remained in strong bearish tone against dollar on Monday as investors worried a period of political uncertainty would further weaken an economy slowing sharply before the launch of talks on leaving the European Union next week.
   
• The pound slid to its lowest for nearly two months on Friday after shock election results left Prime Minister Theresa May short of a parliamentary majority and facing calls to step down.
   
• Investors' will now watch for readings on inflation, wage growth, unemployment, and retail sales this week - all of which will play into the Bank of England's stance on record-low UK interest rates due on Friday.
   
• Currently, the currency pair is trading at 1.2672 levels, it is set to decline further towards 1.2600 and later 1.2550 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.2772, a break above this level would expose to cable to next resistance level at 1.2833.
   
• To the downside immediate support can be seen at 1.2649, a break below will open the door towards next level at 1.2600.
  
  Resistance Levels
  
  R1: 1.2711 (50% Retracement Level)
  
  R2: 1.2772 (61.8% Retracement Level)
  
  R3: 1.2833 (April 21st high)
  
  Support Levels
  
  S1: 1.2649 (38.2% Retracement Levels)
  
  S2: 1.2600 (Psychological levels)
  
  S3: 1.2572 (23.6% Retracement Levels)