The Pound Sterling extended its gains versus the US Dollar on Tuesday, as the proposed ceasefire between Israel and Iran was violated by both parties, despite US President Donald Trump's warning. Nevertheless, the risk appetite remains strong, despite the ongoing developments in the Middle East.
The GBP/USD pair extends the decline to around 1.3475 during the Asian trading hours on Wednesday. The Pound Sterling (GBP) weakens against the US Dollar (USD) due to a weaker UK employment report. Later on Wednesday, the attention will shift to the US May Consumer Price Index (CPI) inflation.
The Pound Sterling (GBP) faces a sharp selling pressure against its peers on Tuesday after the United Kingdom (UK) Office for National Statistics (ONS) reported that the labor market cooled down in three months ending April.