The GBP/USD pair might have formed a meaningful bottom around 1.1950 levels earlier, or may print yet another low (the less likely scenario). The subsequent rally towards 1.2575 levels was an impulse labelled as 1 which has been followed by a 3-wave corrective drop a-b-c as seen above. Furthermore, the pair is seen to have retraced 50% of its previous rally as high as 1.2275. A push towards 1.2375 levels from here would confirm that wave 2 is in place and that GBP/USD is into its 3rd wave higher. So, please bear in mind that another low towards 1.2100/10 levels remains possible and it would be an ideal price to re-enter buying. Resistance is seen at 1.2500 while interim support comes in at the fibonacci 0.618 at 1.2100 respectively.
Long 50% capacity now and remaining at 1.2100, stop below 1.1950, a target is open.