Pound Sterling Price News and Forecast: GBP/USD weakens as safe-haven demand lifts the USD
|Pound Sterling declines as US Dollar gains on increased risk aversion
GBP/USD depreciates after registering modest gains in the previous session, trading around 1.3300 during the Asian hours on Monday. The pair weakens as the US Dollar (USD) gains on safe-haven demand amid escalating Iran war with no clear resolution in sight.
Mojtaba Khamenei was named Iran’s new supreme leader just over a week after his father, Ayatollah Ali Khamenei, was killed in US-Israeli strikes, signaling that hardliners remain firmly in control of the country. Last week, US President Donald Trump said the appointment would be “unacceptable” and suggested that Washington should have a role in selecting Iran’s next supreme leader. Read more...
GBP/USD Weekly Forecast: Pound under pressure as Middle East war boosts Dollar
The Pound Sterling (GBP) hit the lowest level in three months against the US Dollar (USD) near 1.3250 and staged a modest rebound, but ended the week deep in the red. It was all about turning to the safe-haven and the world’s reserve currency, the USD, this week as the United States-Israel attack on Iran set off a deeper escalation in the Middle East and rattled global markets.
The conflict deepened after the Israel Defense Force (IDF) struck Hezbollah targets in Beirut and across Lebanon in response to rocket fire. Meanwhile, the UK Defence Ministry stated that British forces responded to a suspected drone strike at its military base in Cyprus. US President Donald Trump said that attacks would continue until US objectives were met, pledging to respond to an attack on the US embassy in Riyadh and to the deaths of US military personnel during the Iran conflict. Read more...
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