The GBPUSD structure shows an ending triangle wave in e. It consists of a simple zigzag of the primary degree Ⓐ-Ⓑ-Ⓒ.
Currently, the market has just initiated a bearish trend. We expect this initial part to be an intermediate-degree impulse (1)-(2)-(3)-(4)-(5).
The completion of wave (1) suggests an upside correction in wave (2). Its end is possible near 1.317. At that level, wave (2) will be at 61.8% of impulse (1).
After this correction ends, the pound could continue to move down.
An alternative scenario sees an incomplete triangle.
In that case, we expect that the bearish correction in (4) just ended.
Therefore, we could see the currency pair rise in wave (5) above 1.348. This is the high registred by wave (3).