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- GBP/USD jumps to near 1.3480 as hopes of the US-Iran deal have improved market sentiment.
- US President Trump said the final agreement with Iran is largely negotiated.
- Oil prices have declined sharply on US-Iran deal hopes.
The GBP/USD pair is up 0.35% to near 1.3480 during the Asian trading session on Monday. The Cable trades firmly as market sentiment for riskier assets has improved significantly due to increased hopes of a deal between the United States (US) and Iran.
In the Asian trade, S&P 500 futures jump 0.85% to near 7,540, reflecting strong investors’ appetite for risk-sensitive assets. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.3% lower to near 99.00.
Over the weekend, US President Donald Trump said in a post on Truth Social that an agreement with Iran has been “largely negotiated”, which will direct Tehran to reopen the Strait of Hormuz with other key elements, and final details of the deal are currently being discussed. Later, Trump also said in another post on the same platform that negotiations from Washington need not rush for any deal.
Improving hopes of the reopening of the Strait of Hormuz have resulted in a sharp decline in oil prices, which has also forced traders to pare some hawkish Federal Reserve (Fed) bets for the year.
GBP/USD technical analysis
GBP/USD trades higher at around 1.3480 as of writing. The pair extends recovery to near the 20-day exponential moving average (EMA) at 1.3472, which indicates that the near-term tone has slightly become constructive.
The broader downward resistance trend line, with a break point near 1.3612, still caps the medium-term structure overhead, while the Relative Strength Index (14) around 50 hints at neutral momentum after the recent recovery from lower levels.
On the downside, the May 22 low at 1.3413 is the major support zone; a daily close below this level would expose a deeper pullback toward the May 20 low at 1.3375. On the topside, initial resistance is defined by the downward resistance trend line break area around 1.3612, and only a clear move above this barrier would suggest that bulls are gaining enough traction to extend the advance toward 1.3700.
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