During the morning session, the GBP/USD pair develops a stable upward trend in the ultra-short term, holding near the highs of May 26 at 1.3461.

The probability of growth remains.

The daily chart is indicating the development of the upward third wave of a higher-degree wave (3), alongside the formation of a lower-degree third wave within wave 3 of (3). On the four-hour timeframe, wave iii of 3 is currently developing, within which the local correction has ended as wave (ii) of iii and wave (iii) of iii is now unfolding. If this scenario proves correct, the GBP/USD pair’s upward trend is expected to continue toward the 1.4200–1.4600 zone with a critical stop loss at 1.3360.

Last week, the dynamics of the GBP/USD pair were mixed. Initially, the price corrected to around 1.3366 (Murrey [3/8]). However, they later recovered lost positions and returned to 1.3488 (Murrey [5/8]), reinforced by the middle line of Bollinger bands.

The GBP/USD pair is correcting around 1.3373 due to the strengthening of the American dollar and data from the UK confirming the growth of inflation in the main categories of the economy.