Yesterday, US President Donald Trump tried to convince the American public of the necessity of a war with Iran, but it came across rather muddled. His approval rating has already fallen to around 31% — the lowest level of his presidency.

His prime-time address, five weeks after the start of the convoluted conflict with Iran, further underlined a growing defensive stance amid rising pressure on global sea lanes, gas prices and his political party.

Addressing the nation, Trump said the US campaign is nearing completion, attempting to dispel growing public skepticism. However, despite the rhetoric, the speech lacked specifics — most notably, there were no firm timelines for a full troop withdrawal. Moreover, the president promised to launch more aggressive actions over the next two to three weeks, possibly including strikes on power plants, which undoubtedly injected another element of uncertainty into already unsettled markets.

The president also offered no new arguments or explanations to justify military action; instead, he once again reiterated his intention to dismantle Iran's military and nuclear capabilities. That rhetoric, seemingly meant to bolster resolve, in practice only heightened anxiety, since no concrete steps were announced to achieve this ambitious aim.

Likewise, on the question of reopening the Strait of Hormuz — the vital energy corridor that remains blocked — no concrete plan of action was presented. The absence of a clear strategy on this key issue fuels concerns about further destabilization of global energy supplies and the impact on the world economy.

Acknowledgement of the domestic political problems worries his party. Trump briefly touched on gasoline prices — a key psychological indicator of the state of the US economy — which have exceeded $4 per gallon in recent days. "When the war is over, gas prices will fall quickly. Stock prices will rise quickly again," Trump said.

Speaking about the nearly five-week-long conflict that has claimed thousands of lives, Trump added: "We had to take this small trip to Iran to get rid of this terrible threat."

The currency market's reaction to his remarks and to global developments was swift, reviving demand for safe-haven assets, including the US dollar, and the situation is unlikely to change in the near term.

As for the current technical picture for EUR/USD, buyers now need to focus on taking the 1.1550 level. Only that will allow them to target 1.1590. From there, they can push to 1.1630, but doing so without support from large players will be difficult. The furthest target is the high at 1.1662. I expect robuts activity from major buyers only if the instrument falls to around 1.1515. If there is no one there, it would be better to wait for a new low at 1.1485 or to open long positions from 1.1445.

Regarding the current technical picture for GBP/USD, pound buyers need to take the immediate resistance at 1.3250. Only that will allow them to target 1.3280, above which a breakthrough will be rather difficult. The furthest target is around 1.3300. If the currency pair declines, bears will try to seize control of 1.3215. If they succeed, a breakout from the range will deal a serious blow to the bulls and push GBP/USD down to 1.3180, with a potential target at 1.3160.