• 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
