The GBP/USD seems to have completed a wave B (blue) retracement and started a bullish wave C (blue) as long as price does not show strong bearish impulsive price action.
The GBP/USD bearish breakout below the 61.8% Fibonacci level of wave 4 v 3 and the support zone (blue box) could indicate that price has made a bullish ABC pattern rather than a 123 count. A bullish bounce however at the Fibonacci levels of wave 4 vs 3, such as the 38.2%, could confirm a bullish continuation higher towards the Fibonacci targets of wave 3 vs 1.
