So, let's keep up with GBP...
Indeed, GBP has very similar setup as EUR but it is closer to starting of the monthly B&B Pattern. Take a look, formally, market is already stand above 3/8 major level and just need close above 3x3 DMA. At the same time, as November becomes the 1st month above 3x3 DMA, it is not forbidden by pattern's structure to start B&B later, within 1-3 closes above 3x3. Thus, scenario also exists that it could start, say, in January and from major 5/8 level. And this is also B&B. Now we will not discuss this scenario, but keep it in mind.
Another reason, why it makes sense to focus by far at 1st B&B scenario is weekly overbought. Right now market just can't follow to extended levels. Besides, as EUR as DXY situation mostly hint on early start of B&B rather than more long term journey.
Thus, taking it all together, I like 1.2450 area. First is, this is AB=CD upside target, second - important 5/8 resistance level. As GBP stands at weekly overbought, now 1.2450 level seems as most probable point where B&B could start.
We also have XOP of initial AB-CD pattern @1.2750 and it agrees with major 5/8 monthly level. But it mostly relates to 2nd B&B scenario, mentioned above and we do not consider it by far.
