The price is in a correction and may grow.

On the daily chart, the upward first wave of the higher level (1) ended, a downward correction formed as the second wave (2), and the third wave (3) forms. Now, the third wave of the lower level 3 of (3) is developing, within which, the wave i of 3 has ended, and a local correction is ending as the wave ii of 3, within which, the wave (c) of ii is forming. If the assumption is correct, the GBP/USD pair will grow to the area of 1.3155–1.3470. In this scenario, critical stop loss level is 1.2517.

The GBP/USD pair shows moderate growth, consolidating near 1.2665 in anticipation of new drivers in the market. 

After yesterday’s growth, which allowed the GBP/USD pair to retreat from the lows of May 15, the asset is correcting and testing 1.2630.

The GBP/USD pair has been demonstrating negative dynamics for the third week, reaching 1.2610 under pressure from political uncertainty in the UK.

During the Asian session, the GBP/USD pair is trying to retreat from the lows of May 17 and is testing the level of 1.2665 for a breakout, supported by British macroeconomic statistics.