GBPUSD: A 5-Wave Impulsive Decline Could Weigh on Prices

On GBPUSD, the intervening wave XX, which is a bullish zigzag, seems to have been completed.  The decline of this potential bearish impulse could lead prices down to draw primary corrective wave Ⓐ.

So far, intermediate sub-waves  (1) and (2) have been formed.

In the medium term, we could see the pair depreciate down to the intermediate impulse wave (5) to take out 1.2195 stops.

The current structure suggests that the intermediate wave (1) is a leading diagonal consisting of five minor waves, and wave (2) is a simple minor A-B-C correction.

With the intermediate bearish (3) already in play, we could see the pair decline near 1.2453 first.