GBP/USD Pulls Back as Dollar Finds Floor Amid Hawkish Fed Signals

The British Pound (GBP) pulled back from its recent high against the US Dollar (USD), dipping below 1.3600 in Asian trading on Thursday. This decline comes after the pair touched its highest level since May 11.

Support for the USD emerged from hawkish Federal Open Market Committee (FOMC) Minutes, which indicated broader support for additional rate hikes. Ongoing US-Iran geopolitical tensions have also contributed to the greenback's stability.

The British Pound drew support from stronger-than-expected UK consumer inflation data released on Wednesday, reinforcing market expectations that the Bank of England could deliver at least one quarter-point interest rate increase before the end of the year.