The GBP/USD broke above the resistance trend line (dotted orange) for a strong and impulsive breakout. The GU is now at the top of the trend channel which is a new bounce or break spot.
The GBP/USD could bounce at the top of the channel but a reversal only becomes more likely if price manages to break below the support (blue) of the channel. Otherwise a bullish continuation towards the Fibonacci targets is still possible.
The GBP/USD could be in a wave 4 (dark red) as long as price stays above the top of wave 1. Usually Fib levels for wave 4 is the 23.6-50% Fibonacci zone. A bullish continuation could aim for the Fibonacci targets.