GBPUSD has five waves up from 1.2388 so we can expected 1.2530 to be taken out in the near future as big wave 2) flat pattern appears to be finished. That said, current minor retracement down to 1.2470 can be sub-wave 2, which means that trend remains bullish as long as 1.2388 low is not taken out.
A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.
A Expanded Flat Pattern: