GBPUSD: Correction in Progress Before the Next Leg Up?

GBPUSD has developed a five-wave structure to the upside, which I interpret as a potential wave A of a larger-degree Zigzag (ABC) correction on the higher timeframe. This suggests that the pair is in the midst of a corrective phase (wave B) before resuming its upward trajectory.

Currently, we are seeing a retracement, which aligns with typical Elliott Wave behavior following a strong impulse. Once this correction concludes, I anticipate a continued bullish move toward the 1.27700 level. This target is significant as it coincides with the fourth wave of the previous downward structure, a common Fibonacci retracement zone where corrections often end.

If wave B extends deeper, alternative scenarios may need to be considered, but for now, the bullish outlook remains intact.