The GBP/USD pair is trading at 1.3566: the pound is under pressure, which is primarily due to the slowdown in economic growth in the UK. 

The GBP/USD pair is trading with a downward trend during the morning session, correcting after an attempt to grow the day before. The pound is testing 1.3530 for a breakdown, as investors assess a batch of macroeconomic data from the UK released this morning.

The price is in a correction and a fall is possible.

On the daily chart, the correctional second wave of the highest level (2) ended, and the third wave (3) started. Now, the first entry wave of the lowest level 1 of (3) and the wave v of 1 have formed, and the correctional second wave 2 of (3) is developing. If the assumption is correct, the GBP/USD pair will fall to the area of 1.3250–1.3030. In this scenario, the critical stop loss level is 1.3615.

The GBP/USD pair is trading around 1.3550, preparing to test the February 2022 highs at 1.3630 due to the weakening of the American currency.

The GBP/USD pair is trading within a long-term uptrend and is currently testing 1.3549 (Murrey level [7/8]).