FxWirePro: GBP/USD under pressure despite UK's modest economic growth

• GBP/USD dipped on Thursday as risk appetite remained in check amid escalating tensions between the U.S. and Iran.

• Trump said the U.S. was reinstating a blockade on Iranian shipping and would keep the Strait of Hormuz open after renewed missile and drone exchanges..

• Oil prices edged lower but stayed near highs as U.S.-Iran tensions escalated, while Iran’s release of a U.S. citizen raised hopes of avoiding a wider conflict..

• Andy Burnham is expected to name Shabana Mahmood as finance minister instead of Ed Miliband, easing concerns over fiscal discipline ahead of his premiership.

• Meanwhile, UK growth remained weak in May as services expanded but other sectors contracted, highlighting fragile business confidence amid the Iran war and political transition..

• Gross domestic product expanded by 0.1% in May, in line with the median forecast in a poll of economists and reversing a 0.1% fall in April, official data showed on Thursday.

•   Immediate resistance is located at 1.3553(38.2%fib), any close above will push the pair towards 1.3585(Higher BB)

•  Strong support is seen at 1.3423(Daily low) and break below could take the pair towards 1.3306(38.2%fib).

  Recommendation: Good to sell  around 1.3470, with stop loss of 1.3550 and target price of 1.3400