• GBP/USD traded softer through most of the NY session before bouncing off the lows

• Headlines flagged US and Iran discussing a phased deal to reopen Hormuz and end US blockade

• The oil pullback gave bonds a modest reprieve and weighed a touch on the USD, helping GBP/USD stabilise

• Cable carved a 1.3210 low, then posted a modest bounce, but a durable rebound is not in the clear yet

• Technically, the 14-day RSI is at its most oversold level since Nov 2025. Not an automatic reversal signal

• Though it does caution against aggressively chasing downside

• Geopolitical tensions seemingly easing helps stall current trend, but yet to signal a decisive reversal
GBPUSD daily chart

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))