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- GBP/USD depreciates amid rising Middle East conflict.
- Gulf states are near direct involvement in the Iran conflict, with Saudi Arabia signaling a potential military shift.
- Traders await Tuesday’s flash S&P Global PMI data for March from both economies.
The GBP/USD pair faces selling pressure after registering modest gains in the previous day, trading near 1.3400 during the Asian session on Tuesday. The risk-sensitive pair weakens amid rising risk aversion as US-aligned Gulf states move closer to direct involvement in the Iran conflict, with Saudi Arabia signaling a potential military shift, according to a Wall Street Journal report.
Israel launched its latest attack on Iran despite US President Donald Trump signaling a pause in strikes on energy infrastructure after what he described as productive talks with Tehran. However, Iran’s Foreign Minister Abbas Araghchi denied any engagement with Washington. Iranian Parliament Speaker Mohammad Bagher Ghalibaf also said on Monday that no negotiations had taken place with the US. Meanwhile, senior military adviser Mohsen Rezaei stated that the conflict would persist until Iran receives full compensation for the damage incurred.
Traders await Tuesday’s flash S&P Global Purchasing Managers’ Index (PMI) data for March headlines the calendar on both sides of the pair. UK manufacturing PMI is expected at 51.1, down from 51.7, with services forecast at 53.0 versus 53.9 previously; any further softening would test the hawkish BoE repricing.
The Bank of England (BoE) kept interest rates steady at 3.75% at its March meeting on Thursday, as widely expected. BoE Governor Andrew Bailey said the Middle East conflict will cause a “shock to the economy” and push up inflation in the near term, adding that restoring safe shipping through the Strait of Hormuz is key to addressing rising energy prices.
Pound Sterling Price Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.21% | 0.24% | 0.14% | 0.18% | 0.55% | 0.36% | 0.20% | |
| EUR | -0.21% | 0.00% | -0.07% | -0.03% | 0.34% | 0.14% | -0.01% | |
| GBP | -0.24% | -0.00% | -0.06% | -0.04% | 0.34% | 0.14% | -0.01% | |
| JPY | -0.14% | 0.07% | 0.06% | 0.05% | 0.42% | 0.22% | 0.07% | |
| CAD | -0.18% | 0.03% | 0.04% | -0.05% | 0.37% | 0.17% | 0.03% | |
| AUD | -0.55% | -0.34% | -0.34% | -0.42% | -0.37% | -0.19% | -0.37% | |
| NZD | -0.36% | -0.14% | -0.14% | -0.22% | -0.17% | 0.19% | -0.15% | |
| CHF | -0.20% | 0.00% | 0.01% | -0.07% | -0.03% | 0.37% | 0.15% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
