The GBP/USD pair shows a slight decline, remaining close to 1.2430 and local lows dated November 17, 2023.

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

On the daily chart, the upward first wave of the higher level (1) formed, and a downward correction develops as the second wave (2). Now, the wave B of (2) has ended, and the wave C of (2) is forming, within which the third wave of the lower level iii of C is developing. If the assumption is correct, the GBP/USD pair will fall to the area of 1.2077–1.1742. In this scenario, critical stop loss level is 1.2712.

During the Asian session, the GBP/USD pair is recovering its positions and testing 1.2545 for a breakout after a rapid downward movement yesterday, when the instrument reached the lows of March 24.

During the morning session, the GBP/USD pair is trading at 1.2630, preparing to continue rising to 1.2697.