The GBP/USD stopped at the 50% Fibonacci level of wave 2 (blue) after completing an ABC zigzag (orange).
A bearish breakout below support (blue) could confirm wave 3 (red) whereas the wave 2 of the GBP/USD is invalidated if price breaks above the 100% Fibonacci level of wave 2 (red).
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