GBP/USD holds near 1.3570 as Iran talk optimism cools

GBP/USD is trading near 1.3570 as initial optimism surrounding renewed Iran nuclear talks has moderated, reducing risk-on sentiment that had pressured the safe-haven dollar. The cooling of diplomatic expectations limits immediate progress on easing Middle East tensions, shifting focus back to risk aversion and supporting U.S. Treasury yields. This dynamic benefits the USD through improved real rate differentials, while GBP remains constrained by broader dollar strength rather than UK-specific factors. The pair is most exposed to shifts in geopolitical risk pricing and global risk appetite, with oil prices also acting as a secondary transmission channel given their sensitivity to Iranian supply outlook. Traders will watch the upcoming U.S. PPI data for fresh signals on inflation persistence, which could reinforce or ease Fed rate cut expectations.

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