The GBP/USD has retraced to the 50% Fibonacci level of wave 2 (blue) via an ABC zigzag (orange). A bearish breakout (red arrows) could confirm wave 3 (red).
The GBP/USD wave 2 is invalidated if price breaks (green arrows) above the 100% Fibonacci level.
The GBP/USD needs to break below support (blue/green) to confirm a potential wave 3 (blue). The Fibonacci levels of wave 2 (blue) could act as resistance.
Origin: Admiral Markets