FxWirePro:GBP/USD gains some ground as Mideast tensions, oil supply fears ebb

• GBP/USD traded close to its session high in New York afternoon trading as market sentiment improved and energy prices retreated from recent highs.

• Oil prices pulled back sharply from Monday’s peak near $120 per barrel, sliding roughly 14% to around $80.

• The decline was partly driven by market speculation that some sanctions could be eased, easing concerns about supply disruptions and reducing inflationary pressure globally.

• Geopolitical developments also influenced sentiment. President Donald Trump said that the United States, Israel, and their allies had achieved successes against Iran and suggested the conflict could end soon

•  British assets have been hit harder as investors view the country as more exposed than many other European countries.

• Immediate resistance is located at 1.3494 (SMA 20), any close above will push the pair towards 1.3579(50%fib)

•  Support is seen at 1.3399(38.2%fib) and break below could take the pair towards 1.3314(Lower BB).

Recommendation: Good to sell  around 1.3430 with stop loss of 1.3560   and target price of 1.3350