Pound Sterling Price News and Forecast: GBP declines amid geopolitics and political risks

FXStreet Team FXStreet

Pound declines amid geopolitics and political risks

GBP/USD traded at 1.3515 on Tuesday as the US dollar strengthened. Pressure on the pound intensified at the start of the week following a sharp escalation of the US-Iran conflict, with markets fearing the breakdown of the truce and rotating into safe-haven assets.

The trigger was heightened tensions around the Strait of Hormuz. The US reported the detention of an Iranian vessel, while Tehran refused to participate in further negotiations. This development supported higher oil prices and boosted demand for the dollar. Read more...

GBP/USD halts ahead of key 1.3600 resistance

GBP/USD has stalled right beneath the 1.3600 resistance — a level reinforced by the 0.618 Fibonacci retracement.

The currency is overbought, although not excessively, and early doors we’re hovering around a glut of support at 1.3516. Read more...

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