The GBP/USD broke below the bottom (dotted blue) and is now testing the critical support trend line (blue), which is connecting multiple bottoms. A bearish breakout could start a bearish wave 3 (purple).
The GBP/USD might be starting a wave 3 if price breaks below the support line, but a failure to break could indicate a bearish ABC pattern instead and could lead to an expanded wave 2 (purple) correction.
The GBP/USD is either in a wave 3 (green) or an alternative wave C, which depends on how far price falls and how deep it retraces. Keep in mind that the wave 4 (green) should not retrace into the price territory of wave 1 (green). Price could fall towards the Fibonacci targets of wave 3 (green) if price manages to push through the round level of 1.30. Eventually price is expected to test the Fibonacci levels of wave 4 (green).