FxWirePro: GBP/USD up on Iran hopes, looming UK local elections a risk

• GBP/USD firmed on Wednesday as gains were  aided by hopes of a U.S.-Iran deal to end the war.

• The conflict, which began on February 28, has delivered what the International Energy Agency called the worst-ever energy crisis

• On the data front, British services firms last month reported the sharpest acceleration in cost pressures in three-and-a-half years as the Iran war drove up prices for fuel and raw materials, a closely watched survey by S&P Global showed.

•Investors will be on guard ahead of key local ​elections on Thursday ​could see Prime ⁠Minister Keir Starmer's Labour Party suffer heavy losses following a string of scandals and criticism that the party has ​failed to improve living standards.

•   Immediate resistance is located at 1.3651( Daily high), any close above will push the pair towards 1.3684(38.2%fib)

•  Strong support is seen at 1.3543(50%fib) and break below could take the pair towards 1.3525(SMA 20 ).

  Recommendation: Good to buy around 1.3580, with stop loss of 1.3500 and target price of 1.3650.