GBPUSD is moving sideways after pair recovered from that 1.1500 spike low where we see a completed wave three, so current structure is an ongoing fourth wave which can see more upside as we think that market can be in an A-B-C structure. That said, wave B triangle looks completed and current rally may be wave C, which can see limited upside around 38.2.
GBPUSD Daily Chart
Regarding the 4h chart, we see cable making a strong rise away from 1.2364, clearly in impulsive fashion which can see an extension up to 1.300-1.3140 area for wave C. That said, recent slow price activity was sub-wave 4), which found a base and current rally may be sub-wave 5) of three. That said after sub-wave 5) finds a top, a three wave contra trend decline could follow within big wave 4.
GBPUSD 4 Hour Chart