GBP/USD Corrects From 1.3480 as USD/CAD Eyes Breakout Above 1.3880
GBP/USD has entered a corrective phase after peaking near the 1.3480 level, with sellers stepping in to push the pair lower amid renewed US dollar strength and a softer risk environment to start the week. The pullback comes after an extended rally that had stretched technical indicators into overbought territory. Immediate support is forming near the 1.3400 psychological level, with further downside potentially targeting the 1.3350 zone if bearish momentum persists. Meanwhile, USD/CAD is building upward momentum and is eyeing a breakout above the 1.3880 resistance level. A confirmed break above this zone could open the door toward 1.3920-1.3950. The Canadian dollar faces additional pressure from geopolitical uncertainty surrounding oil supply routes, though elevated crude prices may limit CAD losses. Traders should watch for UK economic data releases this week and any further developments in US-Iran tensions, as both could significantly influence directional moves in these pairs.
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