Pound Sterling declines as Hormuz blockade fears lift risk-off mood
GBP/USD halts its five-day winning streak, trading at a gap down around 1.3390 during the Asian hours on Monday. The risk-sensitive pair faces challenges on renewed risk aversion following the failure of the United States (US)-Iran peace talks.
The safe-haven demand boosted the US Dollar (USD) against its major peers after Vice President JD Vance confirmed US–Iran talks in Islamabad ended without a deal following 21 hours of negotiations.
US President Donald Trump said Washington would begin blockading all ships entering or leaving the Strait of Hormuz, while US Central Command (CENTCOM) confirmed operations targeting maritime traffic to and from Iranian ports from 10 AM ET (14:00 GMT) on Monday.
Iran’s Parliament Speaker Mohammad Bagher Ghalibaf said that despite “constructive initiatives,” the US failed to gain Tehran’s trust, leaving the decision with Washington. The Revolutionary Guard (IRGC) warned that any military vessels approaching the Strait of Hormuz would violate the ceasefire and face a decisive response.
The Pound Sterling (GBP) advanced against the US Dollar, supported by optimism over a potential Russia–Ukraine peace deal after signs of progress in negotiations. However, both sides accused each other of violating a 32-hour Orthodox Easter ceasefire, reporting over a thousand drone and shelling attacks shortly after the truce began.
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