The GBPUSD currency pair is moving within a correction trend. This takes the form of a double w-x-y zigzag of the cycle degree.
The current chart shows the end of the actionary wave w and the bullish intervening wave x. This was in the form of a primary double zigzag.
It is likely that wave y will be a primary triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag. Now a bearish sub-wave of this triple zigzag is being built. Its end is possible near 1.286, where it will be at 200% of the primary wave Ⓦ.
Prices could rise in the primary intervening wave Ⓧ to the maximum of 1.3161, marked by a minor correction 4.
Alternatively, the primary actionary wave Ⓨ looks fully complete. In fact, it takes the form of an intermediate zigzag (A)-(B)-(C).
In the last section of the chart, the intervening wave Ⓧ could reach 1.325. At that level, wave Ⓧ will be at 38.2% of zigzag Ⓨ.
After the end of wave Ⓧ, the price could continue to fall in the primary wave Ⓩ to 1.266. At that level, cycle waves w and y will be equal.