FxWirePro: GBP/USD range-bound as Iran uncertainty keeps traders cautious

• GBP/USD traded little changed   as uncertainty surrounding U.S.-Iran negotiations kept investors cautious and limited directional conviction.

•According to Mehr News, Iran is considering a proposed agreement with the United States to bring the conflict to an end, while Trump indicated that negotiations are still underway.

• Iran has effectively curtailed most non-Iranian shipping through the Gulf since the conflict began, disrupting roughly one-fifth of global oil and LNG supplies.

•The resulting supply squeeze has driven energy prices sharply higher and intensified concerns over rising inflation worldwide.

•Bank of England Governor Andrew Bailey said it was important to ​bring British inflation ​back to target ⁠and give households confidence about the central bank's ability to do so.

•Meanwhile, British Prime Minister Keir Starmer ​faces a possible leadership challenge later this year if ​his main ⁠rival, Greater Manchester Mayor Andy Burnham, wins a seat in Parliament in a June 18 election.

•   Immediate resistance is located at 1.3482(SMA 20)), any close above will push the pair towards 1.3612(61.8%fib)

•  Strong support is seen at 1.3442(50%fib) and break below could take the pair towards 1.3323(SMA20).

  Recommendation: Good to sell  around 1.3470, with stop loss of 1.3560 and target price of 1.3400