The GBP/USD has been unable to break below the major support trend line (blue), which is still a key decision zone for a bounce or break.
The GBP/USD needs to break below the support line (blue) for a bearish breakout whereas a bullish break above 1.3130 (pink line) could indicate a contracting triangle pattern or an increased chance of a bullish break.
The GBP/USD seems to be building a corrective pattern as part of a potential wave 4 (orange) as long as price stays below the Fibonacci retracement levels of wave 4 vs 3. A break above the 61.8% Fibonacci retracement level could indicate a different wave pattern.
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