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Pound edges higher as Hormuz talks stall, traders await US CPI

GBP/USD was last around 1.3520 after bouncing from 1.3483, while WTI jumped more than 4.5% to $80.69 as Middle East risks lifted oil prices.

Reported · Written up by our desk · Major Pairs

The British pound rose in the North American session as investors weighed stalled negotiations between Oman and Iran and kept an eye on the reopening of the Strait of Hormuz, according to FXStreet. GBP/USD was up about 0.2% to around 1.3520 after rebounding from daily lows near 1.3483.

Energy prices were a key driver of risk sentiment, with West Texas Intermediate rising more than 4.5% to $80.69 per barrel, after the lack of progress in the Hormuz talks failed to ease market concerns. The US Dollar Index, which tracks the dollar against six currencies, was also slightly higher at about 99.73.

Market attention is shifting to upcoming data, FXStreet said, with the US CPI release seen as crucial for currency traders. It also highlighted that investors will watch additional inflation-related updates alongside Initial Jobless Claims on August 13.

In the UK, the data calendar includes BRC Like-For-Like Retail Sales for July, forecast to slow on a year-over-year basis, while the article noted that traders expect a 25-basis-point Bank of England rate hike by year-end. It added that FX market pricing implies Fed tightening could reach 22 basis points toward the end of 2026, up from 17 basis points expected earlier.

Latest closeGBP/USD 1.345 ▼0.1%|Dollar index 99.98 ▲0.3%

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