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FxWirePro: GBP/USD slide extends as UK political tumult intensifies

• GBP/USD dipped on Tuesday as fading Middle East peace hopes and renewed UK political concerns weighed on sentiment.

• Starmer rejected calls to resign, saying he would continue governing despite mounting pressure after heavy local election losses..

• Starmer’s position appears weak as over 80 Labour lawmakers have urged him to announce a resignation timeline..

• Investors were also worried about the lack of progress in the Middle East conflict after U.S. President said the Iran ceasefire was “on life support.” ".

• Political divisions and fading hopes for a U.S.-Iran peace deal after Iran rejected Washington’s latest proposal have drained momentum from sterling bulls.

•   Immediate resistance is located at 1.3649( Higher BB), any close above will push the pair towards 1.3670(38.2%fib)

•  Strong support is seen at 1.3524(50%fib) and break below could take the pair towards 1.3432(Lower BB).

  Recommendation: Good to buy around 1.3520, with stop loss of 1.3470 and target price of 1.3580

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