• GBP/USD rose on Monday as optimism over a potential U.S.-Iran deal improved market risk sentiment and weakened demand for the safe-haven U.S. dollar..
• Markets remain cautiously optimistic that the United States and Iran are moving closer to a deal that could help end the Middle East conflict and reopen the Strait of Hormuz...
• A potential agreement may include a 60-day ceasefire extension, reopening the Strait of Hormuz, and ending the US naval blockade on Iranian ports, while nuclear negotiations continue.
• The two sides remain divided on several key issues, including Israel’s conflict in Lebanon with the Iran-backed Hezbollah group, as well as Tehran’s demands for sanctions relief and the release of billions of dollars in frozen Iranian oil revenues held abroad.
• Immediate resistance is located at 1.3551(50%fib)), any close above will push the pair towards 1.3601(April 17th high)
• Strong support is seen at 1.3453(Daily low) and break below could take the pair towards 1.3411(61.8%fib)
Recommendation: Good to buy around 1.3480, with stop loss of 1.3400 and target price of 1.3550
