The GBP/USD is either building a bearish 123 (purple) or ABC (red) pattern. A bearish 123 would indicate a full downtrend but would require price to eventually break below the 161.8% Fibonacci target.
The GBP/USD bullish bounce before reaching the 161.8% Fibonacci target could indicate an ABC zigzag (red) pattern. Price would need to break above the resistance trend line (orange) as well. A bearish ABC could indicate that the next swing is a bullish ABC.