• GBP/USD softens to around 1.3355 in Wednesday’s Asian session.
• US launched strikes on Iran after tankers hit in Strait of Hormuz.
• Burnham is widely expected to become Prime Minister by July 20.

The GBP/USD pair loses traction to near 1.3355 during the Asian trading hours on Wednesday. The US Dollar (USD) edges higher against the British Pound (GBP) amid renewed geopolitical tensions after the US renewed strikes on Iran. The Federal Reserve’s (Fed) June meeting minutes will be published later on Wednesday.

Washington unleashed a new wave of strikes against Tehran on Tuesday and revoked a license allowing the country to sell oil after three tankers were attacked in the Strait of Hormuz, per Reuters. Geopolitical fears surge following this headline, supporting the Greenback as a safe-haven asset.

Westpac analysts said that concerns for the stability of the peace deal reemerged after Iran attacked ships crossing the Strait of Hormuz. “Concerns over the inflation outlook were in focus, seeing yields jump higher across the globe,” they wrote.

The formal race to replace outgoing Prime Minister Keir Starmer begins on July 9. Frontrunner Andy Burnham is widely expected to become Prime Minister by July 20. The Cable might receive some support as the UK political landscape stabilizes. Investors are pricing out the domestic risk premium as Burnham anchors his position as the leader-in-waiting to succeed Keir Starmer.

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