FXStreet (Mumbai) - The GBP/USD is having a hard time taking out the resistance at 1.4351 (23.6% of 1.5230-1.4079) after having rallied more than 100 pips on Tuesday. Hovers around 1.4340 The spot trades in the sideways manner around 1.4340 levels. The oversold British Pound strengthened on Tuesday as the recovery in oil prices and the risk-on in equities opened doors for a correction in the risk assets. The investors now await the FOMC rate decision. There is consensus in the markets that the FOMC would take note of the recent financial market turmoil and play down the rate hike bets. GBP/USD Technical Levels The immediate resistance is seen at 1.4351 (23.6% of 1.5230-1.4079), above which the pair could test 1.4428 (Jan 15 high). A break higher would expose 1.4519 (38.2% of 1.5230-1.4079). On the other hand, a break below 1.43 would open doors for a drop to 1.4253 (5-DMA), under which the losses could be extended to 1.42 levels. For more information, read our latest forex news.