The GBP/USD could be building an inverted head and shoulders reversal chart pattern (purple boxes) if price manages to break above the neck line (orange). The downtrend channel is still active and a bearish continuation is still on the table.
The GBP/USD will either needs to break below the key support levels, which are represented by the purple and blue lines, or above the key resistance trend lines (red) before a clear direction is known. For the moment, a bullish reversal seems more likely to me due to the inverted H&S pattern and falling wedge chart pattern
The GBP/USD could be building a bullish ABC zigzag (blue) if price manages to break above the resistance trend lines. A break below the green support trend line could indicate a larger downtrend, rather than a bullish correction.
