The internal structure of the GBPUSD currency pair suggests the formation of a global 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 takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. At the beginning of August, the bullish price movement within the primary intervening wave Ⓧ ended. This took the form of an intermediate zigzag (A)-(B)-(C).
It is likely that in the near future the bearish trend will continue to develop in the primary wave Ⓩ. This could complete its intermediate triple zigzag pattern (W)-(X)-(Y)-(X)-(Z) near 1.077.
At that level, wave Ⓩ will be at the 76.4% Fibonacci extension of previous actionary wave Ⓨ.
However, the cycle wave z could be fully completed. As in the main version, it has the form of a primary triple zigzag.
In the next coming trading weeks, construction of the first impulse wave of a potential zigzag of the primary degree is likely.
The price could rise to the previous high of 1.266, and then even higher.