The GBP/USD pair is trading with downward dynamics, developing the "bearish" momentum formed the day before, when the instrument managed to retreat from the local highs of April 10. The development of correctional trends is facilitated by technical factors, while the position of the American currency remains under pressure amid the publication of macroeconomic statistics from the United States.

This week, the GBP/USD pair continued to grow, left the descending channel, breaking through its upper border, and tested the 1.2695 mark (Murrey level [8/8]).

The pound is trading in different directions, holding near 1.2600 and local highs from May 3. The day before, the instrument managed to show quite active growth despite the fact that for a long time the "bears" had the initiative.

A fall is possible.

On the daily chart, the upward first wave of the higher level (1) formed, and a downward correction develops as the second wave (2). Now, the wave C of (2) is developing, within which the first wave of the lower level i of C has formed, a local correction has ended as the second wave ii of C and the third wave iii of C has started. 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 1.2890.

During the Asian session, the GBP/USD pair showed flat trading near the 1.2545 mark after growth last week against positive British macroeconomic statistics.