This week, the GBP/USD pair has resumed growth, recovering previously lost positions, and is currently testing the center line of Bollinger Bands in the area of 1.3500. 

The pound is trading with upward momentum in the GBP/USD pair during the morning session, recovering the positions lost in the middle of last week. The instrument is testing 1.3465 for a breakout, while investors are discussing the government shutdown in the US, as Parliament has failed to agree on budget details.

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

On the daily chart, the upward third wave of the highest level (3) develops, within which the first entry wave of the lowest level 1 of (3) ended, and the downward correctional second wave 2 of (3) forms. Now, the correctional wave b of 2 has formed, and the wave c of 2 is developing. If the assumption is correct, the GBP/USD pair will fall to the area of 1.2950–1.2755. In this scenario, the critical stop loss level is 1.3728.

The GBP/USD pair is correcting at 1.3507 amid a weakening American dollar and poor UK macroeconomic data.