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The GBP/USD pair rose 0.1% to 1.3530 on Monday, recovering from a pullback after reaching a weekly high near 1.3600. The currency remains above critical support at 1.35 amid uncertainty over Iran's nuclear deadline and upcoming UK economic data, including CPI and employment figures. Traders are closely monitoring these factors for potential policy implications from the Bank of England and broader geopolitical risks.
For forex markets, the GBP/USD movement reflects sensitivity to both macroeconomic data and geopolitical tensions. A failure to hold above 1.35 could trigger renewed selling pressure, while a break above 1.36 may signal bullish momentum. The BoE's policy stance and Iran-related developments will likely dominate trading sentiment this week.
Investors should watch the UK's inflation report and labor data for clues about monetary policy shifts. Additionally, the outcome of Iran's nuclear negotiations could impact oil prices and risk appetite. Key technical levels to monitor include 1.35 (support) and 1.36 (resistance).
