The GBP/USD bearish fall stopped at the bottom (blue) of the downtrend channel. Price will need to break below the channel to confirm a bearish breakout whereas a bullish bounce could indicate a larger WXY (purple) correction as indicated in the image.
The GBP/USD has arrived at a key support or resistance decision zone. A break above the broken bottom could indicate a bullish bounce whereas a break below the support trend line could confirm a bearish breakout.
The GBP/USD is showing possible wave patterns: price could either be completing a bearish ABC (green) zigzag pattern if price manages to break above the 38.2-50% Fibonacci resistance zone. Or price is potentially building a bearish 5 wave and the current pullback could be a wave 4 (brown).