GBP/USD, H4 time frame:

The formation of the GBP/USD pair in the long term implies the development of a global wave of the bundle [X]. The wave [X] takes the form of a double zigzag, which is now forming the last active wave (Y).

Analyzing the four-hour time frame, the second part of wave (Y) is the only one that can be observed. There is a high possibility that it takes the triple zigzag form, consisting of sub-waves W-X-Y-X-Z. It seems that the formation of the first four parts of the five wave is already completely done, while the last fifth wave (Z) is still under development.

Now, let's consider the last section of the chart on the hourly time frame.

GBP/USD, H1 time frame:

It is very possible that the current wave Z will take the form of a simple zigzag [A]-[B]-[C]. The price began to build an upward wave with an impulse structure at the beginning of this month, and it is likely that we are now seeing the formation of wave [A]. Perhaps, the first four parts are already fully done. Thus, we will see the price growth in wave (5) in the near future.

The price is expected to increase to the level of 1.4234. Looking at the H4 chart, it can be seen that the acting wave Y was completed at this level, with a double zigzag form.

Once the price reaches the indicated price level, it may start moving downward or horizontal within the corrective wave [B].

The approximate scheme of the possible future price movement and the approximate structure of the Z wave are shown on the chart.