• 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
