FxWirePro: GBP/USD edges higher as markets track U.S.-Iran talks and oil moves

• GBP/USD edged higher on Tuesday as investors awaited further clarity on potential U.S.-Iran peace talks and assessed their impact on global risk sentiment and currency markets.

• U.S. President Donald Trump said on Monday that discussions with Iran were ongoing, easing concerns over potential energy supply disruptions and reducing inflationary pressures for energy-importing economies such as the UK.

•   Iran denied that any negotiations were taking place or planned, prompting a modest rebound in oil prices on Tuesday, with Brent crude rising 3% to $86.10 a barrel..

• Meanwhile, oil prices rebounded 2.8% after plunging more than 7% in the previous session, as uncertainty surrounding U.S.-Iran negotiations continued to raise concerns over potential energy supply disruptions.

• Markets are closely watching upcoming U.S. labour market data for fresh signals on the Federal Reserve’s monetary policy outlook and the potential path of interest rates.

•   Immediate resistance is located at 1.3497(50%fib), any close above will push the pair towards 1.3558(Higher BB)

•  Strong support is seen at 1.3401(SMA20) and break below could take the pair towards 1.3344(38.2%fib).

  Recommendation: Good to sell  around 1.3450, with stop loss of 1.3530 and target price of 1.3400