The GBP/USD made a bearish bounce at the resistance trend line (red) of the downtrend channel. Price is now challenging the Fibonacci support levels of wave B (blue) which could be a potential bounce zone for a larger ABC.
The GBP/USD seems to have completed a wave A (blue) of a potential ABC (blue) zigzag correction within wave Y (purple). The confirmation of the bullish ABC is when price manages to break above the resistance trend line of the bearish channel, whereas an invalidation of this pattern occurs when price breaks below the 100% Fibonacci level of wave B vs A.
The GBP/USD confirmed the end of the 5th wave (green) within wave A (blue) when price broke below the support trend line (dotted green) and 21 ema zone (dotted ema). The bearish momentum is probably a wave A (green) of a larger ABC (green) zigzag in wave B (blue). The invalidation of the wave B (green) is a break above the 100% Fib.