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FxWirePro: GBP/USD bulls remain cautiously optimistic

• GBP/USD showing resilience   as buying interest quickly emerged and pushed the pair higher.

• The move was largely supported by broad-based US dollar weakness and softer Treasury yields, which provided a favorable backdrop for the pound.

• The last-minute turnaround boosted sentiment, with traders expecting shipping to resume through the strait, which carries about one-fifth of global oil and LNG flows.


• From a technical perspective  rising daily   RSI indicator  suggest that bullish momentum is building.

• However, traders remain cautious  on whether the ceasefire between the U.S. and Iran would hold.

• Immediate resistance is located at 1.3474(Higher BB), any close above will push the pair towards 1.3567(61.8%fib)

•  Support is seen at 1.3394(50%fib) and break below could take the pair towards 1.3314(SMA 20).

Recommendation: Good to  buy  around 1.3420 with stop loss of 1.3350   and target price of 1.3480
 

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