• GBP/USD declined on Monday as sterling was weighted down ahead of Thursday's first Bank of England meeting of 2017.
   
• The BoE is widely expected to revise up its short-term growth and inflation forecasts following reassuring recent UK data, but the uncertainty surrounding soon-to-start Brexit negotiations is expected to keep it cautious.
   
• Further upside for this pair is expected to be limited as strong resistance level at 1.2663 is set to limit upside and bring decline towards lower levels I the short term.
   
• To the upside, immediate resistance can be seen at 1.2573, a break above this level would expose the cable to next resistance level at 1.2600 levels.
   
• To the downside strong support can be seen at 1.2481, a break below at this level will open the door towards next level at 1.2414.
  
  Resistance Levels
  
  R1:  1.2573 (50% Retracement level)
  
  R2: 1.2600 (Psychological levels)
  
  R3: 1.2663 (61.8 % Retracement level)
  
  Support Levels
  
  S1: 1.2481 (38.2 % Retracement level)                   
  
  S2: 1.2414 (Jan 24th lows)
  
  S3: 1.2371 (23.6 % Retracement level)