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- GBP/USD rises as the US Dollar weakens on reduced safe-haven demand after a US-Iran two-week ceasefire.
- Trump agreed to a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz.
- US-Iran ceasefire lowers oil prices, easing inflation pressures and giving the BoE room to resume policy easing.
GBP/USD extends its winning streak for the third consecutive day, trading around 1.3400 during the Asian hours on Wednesday. The pair appreciates as the US Dollar (USD) declines on decreased safe-haven demand after the United States (US) and Iran agreed on a two-week ceasefire.
However, the GBP/USD pair’s upside may be limited as the Pound Sterling (GBP) could struggle after the US-Iran ceasefire eased oil prices, dampening inflation pressures and giving the Bank of England (BoE) room to resume easing. Prior to the conflict, markets had priced in two to three rate cuts for 2026, expectations that were later erased by the energy-driven inflation shock.
US President Donald Trump shared in a post on Truth Social late Tuesday that he’d agreed to a two-week ceasefire with Iran on the condition that Iran agree to reopen the critical Strait of Hormuz. A White House official said that Israel has also agreed to the ceasefire.
Moreover, an Iranian official said that negotiations with the US will be held in Islamabad, Pakistan, to finalize details, aiming to confirm Iran’s battlefield achievements politically within a maximum of 15 days. Iran added that the meeting will begin on Friday and may be extended if both sides agree.
However, Iranian attacks continue in the Middle East and Israel as missile alerts keep sounding. The Israeli military said it has identified missiles launched from Iran towards Israel. The Qatar Defence Ministry also confirmed that armed forces intercepted the missile attack targeting Qatar.
