The GBP/USD broke below the critical support trend line (dotted blue) and price is now approaching the previous bottom. A bearish breakout could confirm a bearish wave 3 (purple).
The GBP/USD must break the bottom otherwise price might still be building an expanded bullish correction via a WXY (red) pattern.
The GBP/USD is probably expanding the 3rd wave (green) by building another 5 wave pattern (orange/brown) in wave 3 (green). The invalidation level is a break above the resistance trend line (red) which indicates a larger bullish correction. A bearish continuation is aiming for the Fibonacci retracement targets.