The British Pound (GBP) declined against the US Dollar (USD) on Monday, marking a pause after a seven-day rally, as renewed tensions in the Strait of Hormuz weighed on market sentiment, according to FX Street.
United Overseas Bank’s Quek Ser Leang commented that despite Monday’s dip, GBP/USD remains elevated following last week’s surge. He highlighted a potential modest pullback range between 1.3320 and 1.3375 for intraday trading, with limited risk of a significant break below 1.3320.
For Japanese investors, the ongoing geopolitical uncertainties near the Strait of Hormuz continue to influence currency volatility, underscoring the importance of close monitoring amid global trade and energy supply concerns.