Amid the positive dynamics of the American currency, the GBP/USD pair is correcting at 1.2985.

The GBP/USD pair is trading with a downward trend, testing 1.3020 for a breakdown, and investors are focused on the block of macroeconomic statistics from the UK. The Consumer Price Index in annual terms in September slowed sharply from 2.2% to 1.7% with a forecast of 1.9%, and in monthly terms — from 0.3% to 0.0%, while the market expected 0.1%. The Core CPI fell from 3.6% to 3.2%, while analysts had expected 3.4%.

Growth is possible.

On the daily chart, the third wave of the higher level (3) forms, within which the third wave of the lower level 3 of (3) develops. Now, the wave iii of 3 has ended, and a correction has formed as the wave iv of 3. If the assumption is correct, the GBP/USD pair will grow within the wave v of 3 to the area of 1.3621–1.3894. In this scenario, critical stop loss level is 1.2866.

The GBP/USD pair is trading at the support level of 1.3040 against positive macroeconomic statistics.