The GBP/USD break above the 1.27 resistance (red line) could indicate a push towards the Fibonaccilevels of wave Y vs W. A break of the support trend line (blue) is possible but the main question is whether price will bounce or break the Fibs of wave X vs W around 1.2425-1.25. could be in wave 4-5.
The GBP/USD seems to be building an ABC (green) correction within a wave X (blue) of a larger WXY (blue) correction.
