After the completion of the cycle-degree impulse wave a, we could see a ‘three’ wave b taking place. The corrective Ⓐ-Ⓑ-Ⓒ formation seems to suggest that we are in a primary zigzag pattern.
The zigzag’s wave Ⓐ is fully completed, whereas the ‘three’ correction wave Ⓑ is still under development.
Wave Ⓑ consists of intermediate waves (A)-(B)-(C) and has ended two-thirds of the correction leg.
The last intermediate impulse (C) could be completed near 1.336. That target is a duplication of wave (A)’s range.
The current GBPUSD structure however it’s rather subjective, enabling us to consider an alternative scenario where wave b is a triangle and consists of primary waves Ⓐ-Ⓑ-Ⓒ-Ⓓ-Ⓔ.
Based on the ratios of that triangle, wave Ⓓ could be completed near 1.323. This could be followed by wave Ⓔ’s conclusion near the 1.299 zone, at the price/trendline intersection.