The GBP/USD pair is trading with an upward trend, testing the level of 1.2550 for a breakout. The "bullish" activity at the end of the week remains quite restrained, as trading participants are in no hurry to open new positions ahead of today's publication of the April US labor market report. 

During the Asian session, the GBP/USD pair developed the “bullish” momentum formed yesterday and tested the level of 1.2530 for a breakout, despite poor UK macroeconomic statistics.

The GBP/USD pair is trading at 1.2470, preparing to continue its decline amid poor macroeconomic statistics from the UK.

The GBP/USD pair has been moving within a downward channel for the second month: last week, the price reached its lower border, corrected upwards, and is now trading at 1.2550. 

A fall is possible.

On the daily chart, the upward first wave of the higher level (1) ended, and a downward correction develops as the second wave (2). Now, the wave C of (2) is developing, within which the third wave of the lower level iii of C is forming. 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 1.2710.