• GBP/USD climbed to 4 week high on Wednesday as news of a two-week US-Iran ceasefire boosted risk sentiment.
• U.S. President Donald Trump announced the agreement late on Tuesday, just two hours before a deadline he had set for Iran to open the blockaded Strait of Hormuz or face the destruction of its "whole civilisation.
• 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.
• The pair broke above the 20- and 55-SMA and the daily cloud top, trading in a 1.3285–1.3481 range.
• Immediate resistance is located at 1.3426(50%fib), any close above will push the pair towards 1.3485(SMA 20)
• Support is seen at 1.3248(38.2%fib) and break below could take the pair towards 1.3229(Lower BB).
Recommendation: Good to buy around 1.3400 with stop loss of 1.3280 and target price of 1.3480
