The GBPUSD cycle trend shows that the last wave e of the global triangular figure has come to an end.
At the time of writing, we are at the beginning of constructing a new bearish impulse wave of the intermediate degree.
Impulse wave (1) is complete, whereas the correction wave (2) is nearing its end.
In the medium term, we can expect a decline in the impulse below 1.318.
However, an alternative scenario shows that wave e is still continuing its development.
In this case, within the intermediate bullish impulse (5), the horizontal correction 4 of a minor degree, which is a skewed triangle, is already complete.
In the next trading days, an increase in prices in wave 5 to the 1.387 area is expected.
At that level, minor wave 5 will be at 50% of impulse 3.