The current GBPUSD structure shows a bullish impulse in cycle wave c. The corrective leg consists of primary sub-waves ①-②-③-④-⑤.
It is likely that waves ① and ② are fully completed. Wave ① as an impulse and wave ② as a bearish zigzag.
If the intermediate degree pattern is indeed completed at 1.2254, we expect wave ③ to appreciate near the 1.350 region or higher.
The target would respect the tenancy of impulse waves one and three being at least equal.
In that case, however, the intermediate degree correction could be a double zigzag (W)-(X)-(Y).
This scenario suggests that the intermediate wave (W) is completed and the intervening wave (X) is under development.
Thus, followed by a short-term upside move, the pair could continue to move down near the 1.188 area. At that level, the primary wave Ⓑ will be at 61.8% of the primary wave Ⓐ.