If my wave count is correct, we are in the last wave (5th wave) down and possibly making an ending diagonal with 5 sub waves. I expect GBP to hit 1.2650 or something and then move down to complete the pattern. Again if my wave count is correct, the dip should be around 1.18 - 1.17 area. In other words, 5th wave will be a failed one (truncated) which should be expected given how fierce the 3rd wave was.
My wave count - big picture.
Another perspective, very simplistic big picture analysis. Parallel channel targets always hit if you notice.
Adding double gann to the above chart, and we see 1.20 must hold, otherwise 1.09 danger would be in the horizon.