During the morning session, the GBP/USD pair develops yesterday’s upward momentum, testing 1.3200 after the publication of US macroeconomic statistics.

During the Asian session, the GBP/USD pair is trading around 1.3171, remaining under pressure following the release of UK business activity data published last Tuesday.

The price is in correction, the probability of decline remains.

The daily chart is indicating the development of the upward third wave of a higher-degree wave (3), alongside the formation of a lower-degree third wave within wave 3 of (3). On the four-hour timeframe, wave i of wave 3 has been completed, and a corrective phase is unfolding as wave ii of wave 3, with wave (c) developing within wave ii. If this scenario proves correct, the downward trend of the GBP/USD pair is expected to continue toward the 1.2950–1.2756 area, with the critical stop loss level for this scenario at 1.3472.

Against macroeconomic and monetary factors from the UK and the US, the GBP/USD pair is consolidating below 1.3315.

Against a neutral trend of the American dollar, the GBP/USD pair is correcting around 1.3423, supported by British macroeconomic statistics.