The GBP/USD made a bearish bounce at the resistance trend line (orange) and is now challenging a support trend line (blue). A bearish breakout could confirm the development of a deeper wave B (blue) whereas a bullish breakout could indicate that wave B is completed and GU is ready for a wave C.
A larger correction within wave B (blue) seems more likely at the moment. A bearish breakout below support (blue) could see price fall towards the Fibonacci levels of wave B vs A.
The GBP/USD has built an ABC (orange) correction within wave B (green) which stopped and turned at the 61.8% Fibonacci level. The GU seems to be building a larger ABC (green) zigzag within wave B (blue), which in turn is part of a larger bullish ABC zigzag pattern. Price also seems to be building a head and shoulders reversal chart pattern, which is indicated by the purple boxes. A break below the support trend line (blue) indicates the break of the neck line of that pattern.