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fxJun 15, 2026, 10:55 PM

GBP/USD Peace Rally Unwinds as Ceasefire Gains Fade

GBP/USD initially spiked to 1.3450 on a US-Iran ceasefire and Strait of Hormuz reopening, but the move fully reversed, leaving the pair near 1.3400 ahead of the Fed meeting.

GBPUSD

The British pound opened the week with a sharp risk-on surge, pushing GBP/USD to 1.3450 as a US-Iran ceasefire and the reopening of the Strait of Hormuz sent crude oil tumbling and boosted risk-sensitive currencies.

However, the entire move quickly unwound, with the pair retreating back to the 1.3400 area — almost exactly where it started — as traders turned cautious ahead of the Federal Reserve decision.

Source: FXStreet Forex News