The GBP/USD is probably still in a wave 4 (green) correction. A break above the resistance (red) could indicate a bullish rally whereas a bearish break below support (green) would make this wave analysis unlikely and could indicate a potential downtrend.
The GBP/USD made a strong move up but fell equally hard. Still, the pattern could be a wave 1-2 (grey) although a break above resistance (red) is needed before that becomes more likely. A break below the bottom of wave 1 invalidates the wave 1-2.
Origin: Admiral Markets