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GBP/USD holds near 1.36 as Iran sanctions outlook lifts the dollar

FXStreet said renewed uncertainty around potential US sanctions on Iran left the pound on the back foot as markets also awaited details later in the day.

Reported · Written up by our desk · Major Pairs

GBP/USD traded with a negative bias around the mid-1.3600s at the start of a new week, with the British pound pressured by a recovery in the US dollar, according to FXStreet.

The outlet linked the dollar move to uncertainty over potential US economic sanctions on Iran, while markets awaited the specific sanction details expected to be announced later in the day.

FXStreet also noted investors remained uneasy about the risk backdrop tied to the Strait of Hormuz, after renewed geopolitical tensions and threats around oil exports from the Gulf resurfaced.

In parallel, EUR/USD was described as trading defensively below 1.1700 in European trade, as the pair struggled while the US dollar made a tepid recovery following a recent US Treasury bond buyback plan-led sell-off.

Latest closeEUR/USD 1.157 ▲0.4%|GBP/USD 1.354 ▲0.3%

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