The GBP/USD is approaching the 100% Fibonacci target which is a key bounce or break spot. A bearish breakout could indicate an impulsive wave 3 whereas a bounce could start a larger wave 2 correction.
The GBP/USD is currently in an ending diagonal 5th wave (blue), unless price manages to break below the 100% Fibonacci target. In that case, price is accelerating the downtrend via an impulsive wave 3 and the GBP/USD could be starting a larger downtrend. A bullish bounce could indicate the end of a wave 1 (pink).
The GBP/USD broke the bear flag and is building a new low as part of potential wave 5 (green). A bearish breakout would change the wave pattern, because a wave 3 is expected in that case.