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Pound holds near 1.3470 as USD pressured by Iran and Fed repricing
GBP/USD is consolidating after two days of gains, with traders waiting for Friday’s US Nonfarm Payrolls and reacting to Middle East shipping and oil developments.
FXStreet reports that GBP/USD is consolidating its recent gains, trading around the 1.3470 area during the Asian session Thursday while remaining inside Monday’s broader range.
The outlet links USD weakness to hopes for progress toward a US-Iran peace deal and expectations of a less aggressive Fed path, alongside optimism tied to potential reopening of the Strait of Hormuz that has kept crude near a three-week low.
Geopolitical developments also remain a factor for the pair, with Iran and Oman nearing finalization of a framework for commercial shipping through the Strait of Hormuz, while a separate report notes an Iran-backed Houthi missile attack on Saudi-linked tankers in the Red Sea and Gulf of Aden.
FXStreet adds that traders are holding back on new directional positions ahead of Friday’s US Nonfarm Payrolls, and points to Thursday’s UK Construction PMI and US weekly Initial Jobless Claims as near-term catalysts.
Latest closeWTI crude $75.12 ▼0.9%|GBP/USD 1.347 ▲0.3%