• GBP$ soft in NorAm afternoon, -0.3% at 1.3495; Tuesday range 1.3546-1.3476

• For now, Monday's flash low at 1.3475 still supports; geopol remains key focus

• US-Iran ceasefire deadline expires Wednesday eve in U.S. heightens tension

• Iran yet to decide on whether to attend talks as ceasefire deadline ticks down

• UK econ a headwind as well as UK inflation persists, growth underwhelms

• Futures price 60% odds for UK hike in June, perhaps a 2nd by YE; Fed steady in 2026

• GBP$ supt 1.3475 Mon low, 1.3456 rising 100-DMA, 1.3431 38.2% of 1.3160-1.3599

• Res 1.3543/46 Mon/Tues highs, 1.3599 2-mos high Apr 17, 1.3605 upper 30-d Bolli

GBP$ Chart:


(Paul Spirgel is a Reuters market analyst. The views expressed are his own)