The GBP/USD bullish momentum is also running into a strong resistance 23.6% Fibonacci level and a trend line (red) from the previous tops and larger downtrend. A bearish bounce could indicate the end of the bull move and wave Y (blue). A larger bullish correction within wave 4 (purple) remains possible though if price remains above the support zone (blue) or breaks above the resistance for a push towards the 38.2% Fib.
The GBP/USD could be building a 5 wave (orange) pattern if price stays above the 50% Fibonacci retracement level of wave 4 vs 3. A break below the 61.8% Fibonacci however makes that pattern unlikely and a larger bearish correction is more probable. Another bullish swing could take place but seems limited to a move into 1.23-1.2350.
