The pound is unlikely to renew the local maximum in the near future. The situation looks more and more like a major upward correction, which takes the form of a double zigzag. The first part of the model has already been formed and it is currently working on the X wave, which in turn takes the form of a simple zigzag.

In the near future we expect decrease, during which the [c] wave will be formed. The movement is expected to be impulsive. Thus, it is worth to reconsider the trading decisions in favor of the short deals.

Recommendations: Sell 1.2270, SL 1.2290, TP 1.1600.