Against a decline in the American currency and positive macroeconomic statistics from the UK, the GBP/USD pair is correcting at 1.2503.

The GBP/USD pair has been falling for the second month as part of a medium-term downward trend. Last week, the price reached six-month lows around 1.2300, after which it began a corrective rise and is currently testing the middle line of Bollinger bands around 1.2520.

The GBP/USD pair is trading with upward dynamics, continuing the development of the strong growth formed the day before. The instrument is testing 1.2450 for a breakout; however, there are not enough new drivers for growth in the market yet.

A fall is possible.

On the daily chart, the upward first wave of the higher level (1) formed, and a downward correction developed as the second wave (2). Now, the wave B of (2) has ended, and the wave C of (2) is developing, within which the third wave of the lower level iii of C is forming. If the assumption is correct, the GBP/USD pair will fall to the area of 1.2077–1.1742. In this scenario, critical stop loss level is 1.2491.

The GBP/USD pair fell to 1.2360 after the publication of the poor macroeconomic data.