The current GBPUSD structure suggests the formation of a global corrective trend – a triple zigzag w-x-y-x-z.
On the 1H timeframe, we see the final actionary wave z of the cycle degree.
The wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. It is possible that a bearish trend is currently developing in the primary wave Ⓩ, which may complete its intermediate double zigzag pattern (W)-(X)-(Y) near 1.030.
The end of the first actionary wave W is expected at a minimum of 1.095.
At that level, wave Ⓩ will be at the 100% Fibonacci extension of previous actionary wave Ⓨ.
Alternatively, it is assumed that the cycle wave z could be fully completed, it has the form of a primary triple zigzag, as assumed above.
Thus, in the last section of the chart, we see that the bulls have started to move the price in a new trend.
Perhaps the primary triple zigzag is developing Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, where the first four parts have already been formed. The end of the second intervening wave Ⓧ is expected near 1.1609.
Then the market participants are expected to form the final actionary wave Ⓩ. Most likely, it will be at 76.4% of wave Ⓨ, and will end near the level of 1.243.