The situation in the pair in question is similar to what we see in EUR/USD. The pound, after a sharp decline, is trying to recover and has managed to regain about half of the lost ground. However, this is most likely a temporary phenomenon, which has a corrective nature. Overall, the situation remains bearish, which means that after some downtime in a certain range, we will see an impulsive decline, which is the first wave of the expected zigzag.

In this regard, conclusion of sell trades at the renewal of the current local minimum looks quite a promising trading decision.

Recommendations: Sell 1.2350, SL 1.2375, TP 1.2120.