The GBP/USD pair is correcting in the area of 1.3548. The dynamics are supported by the neutral trend of the American currency quotes, while the pound has increased in value, which is primarily due to the reduction in the interest rate at the last meeting of the Bank of England, as well as against the backdrop of positive macroeconomic data.

The GBP/USD pair is trading in the 1.3580 area, preparing to continue the upward trend supported by strong macroeconomic statistics from the UK.

The GBP/USD pair has been actively increasing in value since the beginning of the current month, currently testing 1.3550 (Murrey level [6/8]). The pound is supported by the publication of June data on the labor market, according to which the Unemployment Rate was fixed at 4.7%, Employment Change increased by 238.0 thousand after 134.0 thousand, the Average Earnings Including Bonus slowed from 5.0% to 4.6%, and the Average Earnings Excluding Bonus remained at 5.0%. 

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) formed, and a downward correctional second wave 2 of (3) develops. Now, the wave а of 2 is forming, within which the correctional wave (iv) of a has ended. 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 1.3580.