During the current year, Cable eases 4.75% (YTD). The 8-hour chart shows a corrective cycle of intermediate degree compounded by three waves. We observe a wave (C) in progress, which at this time runs in a minor wave 4.
Short-term, the current wave 4 in progress, makes us expect sideways movement for the coming sessions. Mid-term, likely next week, we anticipate a marginal decline to the 1.20 area. The drop to this zone should complete the wave (C) of intermediate degree. Once the price ends the three corrective waves, the GBPUSD pair should find buyers. The new upward cycle has a potential profit target at the 1.30 zone.