The GBP/USD has reached a critical 50% Fibonacci level of the potential wave B (blue), which could be a bullish bouncing spot. For the moment, we are expecting a larger bullish ABC zigzag (blue) pattern within wave Y (purple) unless price breaks the support trend line with strong bearish momentum.
The GBP/USD bullish ABC (blue) is confirmed when price manages to break above the resistance trend line (red) of the bearish channel whereas the pattern is invalidated if price breaks below the 100% Fibonacci level of wave B vs A.
The GBP/USD seems to have completed 5 bearish waves (orange) within a wave A (green) of a larger ABC correction in wave B (blue). The path of least resistance seems to indicate that price will break above the resistance trend line (orange) and then turn at the Fibonacci levels of wave B (green) for a new low to complete wave B (blue).