The GBP/USD downtrend is taking a pause at the previous bottom and support around 1.32, which is a key bounce or break zone.
The GBP/USD needs to break below the support at 1.32 to restart the downtrend. In that case a wave 5 (purple) continuation for a lower low is probable and price could move down to the Fibonacci targets. The alternative scenario is that price is building an expanded wave 4 (purple).
The GBP/USD seems to be building an ABC (green) correction back towards the Fibonacci levels of the wave 4 retracement (blue). A bullish break above the 38.2-50% Fibonacci levels could make the alternative scenario more likely than the current wave 5.