The GBP/USD made a bearish breakout, pullback and bounce at the broken horizontal support level (dotted green). The bearish continuation is making the expected wave 3 (purple) more likely but the confirmation occurs when price reaches at least the 161.8% Fibonacci target.
The GBP/USD is in a bearish impulsive price swing at the moment due to the fact that most 4-hour candles are showing lower lows and lower highs. The bearish momentum could be aiming for the Fibonacci targets.
The GBP/USD bounced at the shallow Fibonacci retracement levels of wave 4 vs 3. A bearish continuation towards the next round quarter level at 1.2750 seems likely at the moment.