FxWirePro: GBP/USD slips as dollar rebounds from six-week low

• GBP/USD dipped on Monday as dollar rebounded after ISM data showed U.S. manufacturing activity expanded at its fastest pace in more than four year .

• U.S. manufacturing activity climbed to a more than four-year high in July on strong order growth, though Middle East tensions continued to disrupt supply chains and keep input costs elevated.

• The ISM said its manufacturing PMI increased to 55.6 last month, the highest reading since May 2022, from 53.3 in June.

•On  the Geopolitical front, Iran said on Monday there were no talks underway with the U.S. and no plans for any meetings, contradicting President Donald Trump who had cited talks he said would take place on Monday afternoon as justification for calling off ⁠attacks.

•The Federal Reserve last week kept its benchmark interest rate unchanged at 3.50%-3.75%, though three policymakers dissented in favor of a 25-basis-point rate hike.

•   Immediate resistance is located at 1.3423(50%fib), any close above will push the pair towards 1.3537(61.8%fib)

•  Strong support is seen at 1.3401(SMA 20) and break below could take the pair towards 1.3326(38.2%fib).

  Recommendation: Good to sell  around 1.3430, with stop loss of 1.3490 and target price of 1.3380