• GBP/USD declined on Wednesday as sterling was weighted down after dollar was bolstered by positive U.S. data and upbeat economic and softer UK inflation data.
   
• The U.S. dollar strengthened across the board on stronger-than-expected inflation and retail sales data, with a hawkish tone from Federal Reserve Chair Janet Yellen one day before also supported the greenback.
   
• Yellen's testimony before the House Financial Services Committee on Wednesday will be scrutinized for further clues on when the central bank might pull the trigger, as will be comments by three Fed presidents at other scheduled appearances.
   
• To the upside, immediate resistance can be seen at 1.2449, a break above this level would expose the cable to next resistance level at 1.2508 levels.
   
• To the downside strong support can be seen at 1.2390, a break below at this level will open the door towards next level at 1.2345.
  
  Resistance Levels
  
  R1:  1.2449 (50 % Retracement level)
  
  R2: 1.2508 (61.8 % Retracement level)
  
  R3: 1.2550 (Feb 14thth high)
  
  Support Levels
  
  S1: 1.2390 (50 % Retracement level)                       
  
  S2: 1.2345 (Feb 7th lows)
  
  S3: 1.2300(Psychological levels)