Pound Sterling weakens as USD rallies after Trump’s address to the nation
The GBP/USD pair meets fresh supply during the Asian session on Thursday. It retreats further from the weekly high, which was around the 1.3345 area touched the previous day. Spot prices decline to the mid-1.3200s after US President Donald Trump’s comments. These comments stall a two-day recovery move from a four-month low set on Tuesday.
Addressing the nation, Trump reiterated the 2-3 week deadline. He also threatened to hit Iran’s energy infrastructure if no deal is reached. Trump added that negotiations with Iran are going well. However, Tehran quickly rejected the claim. Additionally, reports say the United Arab Emirates (UAE) is pushing for military action to reopen the Strait of Hormuz. This fuels worries about more tension in the Middle East. Read more…
GBP/USD recovers from March lows as traders brace for Trump speech and Good Friday NFP
GBP/USD posted a solid recovery on Wednesday, climbing around 0.6% to trade back above the 1.3300 level after spending much of late March pinned below that figure. The pair remains well off its January highs near 1.3850 and is trading beneath both its 50-day and 200-day exponential moving averages, which sit near 1.3400 and 1.3350, respectively, but the bounce from the March low near 1.3150 has some legs. The Stochastic RSI has pushed back toward overbought territory, suggesting short-term momentum is stretched to the upside even as the broader trend remains bearish.
The biggest Sterling-specific story on Wednesday was Bank of England (BoE) Governor Andrew Bailey’s Reuters interview, which landed with a clearly dovish tone. Bailey said markets had gotten “ahead of themselves” in pricing rate hikes, noting that before the Iran crisis began, the BoE had been signaling one or two more rate cuts in 2026. He acknowledged that path is now “off the table,” but was emphatic that jumping to expectations of hikes was premature. Read more…
