The GBP/USD is unable to unable to make a breakout as both the support (blue) and resistance (red) trend line remain intact. Price will need to make a bearish breakout to confirm the current wave pattern whereas a bullish breakout will invalidate it.
The GBP/USD could be in wave 4-5 (green) pattern unless price manages to break above 1.27 resistance. If price does break support, then the next question is whether it can break below the 138.2% Fibonacci retracement level of wave X vs W. A break below that indicates a wave (blue/purple) whereas a bullish bounce could indicate that the wave X (purple) is still valid.
The GBP/USD could have completed a bullish ABC (brown) within wave 2 (orange) but the price action needs to break the support line (blue) before a bearish breakout is possible.
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