The GBP/USD might have completed a bearish wave 3 (purple) at the recent low. If that is true, then price could build a lengthy wave 4 (purple) correction. A break below 1.20 could indicate an immediate downtrend.
The GBP/USD seems to be building a bearish ABC (green) pattern in a wave B (blue). A bullish bounce could indicate the start of a wave C (blue) correction. Eventually the price might reach the 23.6% Fibonacci retracement level if the GBP retracement shows strong enough momentum.