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FxWirePro: GBP/USD trades sideways as markets await fresh catalysts

• GBP/USD traded in narrow range   on Monday as markets I  braced for big-ticket events that could set the tone for global markets in the near term.

• Investors are awaiting details on new ​U.S. sanctions targeting Iran's trade partners by calling it "the greatest financial ⁠offensive ever", which could disrupt crude supplies from the Middle East.

• U.S. Treasury Secretary Scott Bessent will outline the sanctions later Monday, as Washington demands Iran relinquish control of the Strait of Hormuz, a key route for around one-fifth of global oil supplies..

• Traders will closely also watch Fed Chair Kevin Warsh’s Jackson Hole speech this week for clues on bond yields and the monetary policy outlook.

•   Immediate resistance is located at 1.3680(23.6%fib), any close above will push the pair towards 1.3714(Higher BB)

•  Strong support is seen at 1.3621(Daily low) and break below could take the pair towards 1.3530(38.2%fib).

  Recommendation: Good to sell  around 1.3630, with stop loss of 1.3550 and target price of 1.3670

 

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