Pound edges lower from three-week high as Hormuz fears lift dollar
GBP/USD started the week on a softer note, slipping away from the multi-week highs above 1.3500 touched recently, as heightened geopolitical risks in the Strait of Hormuz supported the US dollar.
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The pound retreated from its strongest levels in over three weeks at the open of the new trading week, with the GBP/USD pair pulling back from the 1.3500 zone.
A fresh flare-up of tensions around the Strait of Hormuz buoyed demand for the safe-haven dollar, weighing on the British currency. The greenback firmed across the board as markets assessed the potential supply disruptions.
Sterling had been trading near multi-week tops, but the risk-off mood erased some of those gains, pushing the pair lower in early dealings.
Source: FXStreet Forex News