• The GBP/USD pair fell towards 1.2934 in the early US session on Wednesday as sterling came under selling interest ahead of this week's Bank of England inflation report and policy meeting.
   
• Investors will be watching the BoE's "Super Thursday" for any signs of change in the Bank's stance of keeping UK interest rates at record lows.
   
• Inflation has overshot the Bank's 2-percent target, but some say its surge could be limited by sterling's bounce after Theresa May's announcement of a June general election.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.2983 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, the strong resistance can be seen at 1.2954, a break above this level would expose the cable to next resistance level at 1.2983.
   
• To the downside immediate support can be seen at 1.2927, a break below at this level will open the door towards next level at 1.2889.
  
  Resistance Levels
  
  R1:  1.2954 (50% Retracement level)       
  
  R2: 1.2983 (61.8% Retracement level)    
  
  R3: 1.3000 (Psychological levels)
  
  Support Levels
  
  S1: 1.2927 (38.2% Retracement level)                    
  
  S2: 1.2889 (23.6% Retracement level)
  
  S3: 1.2857 (May 4th lows)