GBP/USD remains tepid following the losses registered in the previous session, trading around 1.3280 during the Asian hours on Wednesday. This downside could be attributed to the risk aversion due to the rising geopolitical tensions in the Middle East, which undermines the risk-sensitive Pound Sterling (GBP) and GBP/USD pair.
Iran launched over 200 ballistic missiles at Israel on Tuesday, shortly after the US had warned that a strike was imminent. The Israel Defense Forces reported that several of the missiles were intercepted, while reports indicated that one person was killed in the West Bank, according to Bloomberg.
Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran following a missile attack on Tuesday. In response, Tehran warned that any counterstrike would lead to "vast destruction," raising concerns about the potential for a broader conflict.
The US Dollar (USD) receives support from the latest speech by the Federal Reserve (Fed) Chairman Jerome Powell. Powell said that the central bank will lower its interest rate gradually over time. Fed Chair Powell added that the recent half-point interest rate cut should not be seen as an indication of similarly aggressive future actions, noting that upcoming rate changes are likely to be more modest.
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