Pound Sterling Price News and Forecast: GBP/USD remains in negative territory on renewed US–Iran tensions

FXStreet Team FXStreet

Pound Sterling stays weaker near 1.3500 as safe-haven demand lifts US Dollar

GBP/USD pares its recent losses after opening at a gap down, still trading lower around 1.3500 during the Asian hours on Monday. The pair faced challenges as the US Dollar (USD) drew support from heightened safe-haven demand amid re-escalating United States (US)–Iran tensions.

The Guardian reported on Monday that Iran’s Foreign Ministry spokesman Esmail Baghaei said the US blockade of Iran’s ports and coastline is an act of aggression that violates the ceasefire. Baghaei posted on social media, "By deliberately inflicting collective punishment on the Iranian population, it amounts to a war crime and crimes against humanity.” Read more...

Pound Sterling remains on the back foot as US-Iran tensions lift USD; bears seem hesitant

The GBP/USD pair opens with a bearish gap at the start of a new week and moves further away from a two-month high, around the 1.3600 mark, touched on Friday. Spot prices, however, recover a few pips from a one-week low set during the early Asian session and currently trade just below the 1.3500 psychological mark, still down over 0.15% for the day.

The global risk sentiment takes a turn for the worse amid renewed US-Iran tensions over the Straight of Hormuz, which, in turn, provides a goodish lift to the safe-haven US Dollar (USD) and exerts pressure on the GBP/USD pair. Iran closed the strategic waterway after briefly opening it over the weekend. This comes on top of the US naval blockade of Iranian ports, and tempers hopes for more peace talks before the end of the current ceasefire on April 22. Read more...

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