The GBP/USD must break above the resistance trend lines before the end of the wave B (green) and the start of wave C (green) can be confirmed. Otherwise a deeper bearish retracement could take place and price could move lower to test the next Fibonacci retracement level which is the 61.8% Fib.
The GBP/USD might be building a wave 1-2 (orange) but it is too soon to confirm. The wave patterns will depend on the price reaction at the support (green) and resistance (red) lines. At the moment it’s about a 50-50% chance whether price has already completed a bearish ABC (orange) or whether the wave C (orange) will end at a lower point.