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GBP/USD holds near 1.3450 as Middle East tensions keep USD bid

The pair stays defensive around 1.3450 as traders look ahead to the July US Nonfarm Payrolls release for direction.

Reported · Written up by our desk · Major Pairs

GBP/USD is hovering near 1.3450 in European trading, with price action described as defensive amid a broadly resilient US dollar, according to FXStreet.

FXStreet links the dollar support to renewed Middle East uncertainty, which is sustaining haven demand for the greenback, and also notes that oil-linked moves are weighing on broader risk sentiment.

The same market note points to EUR/USD holding its range above 1.1500 as the US dollar consolidates after a recent recovery, including on concerns tied to renewed tensions and developments around the Strait of Hormuz reopening.

Traders are now focusing on the July US Nonfarm Payrolls report for a clear directional impetus.

Latest closeEUR/USD 1.152 ▼0.3%|GBP/USD 1.345 ▼0.1%

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