The GBP/USD failed to break below the previous low which indicate failure to continue with the downtrend. The Cable could be respecting the Fibonacci levels of wave 4 vs 3 (green) and a bullish breakout could indicate the start of wave 5.
The GBP/USD is at crossroads. It could break above resistance (orange) and invalidate the wave 4 correction (orange), which means that a bullish wave (blue) could start. Or price will bounce again at resistance and complete the 5th bearish wave (orange) before completing wave C (grey).
Origin: Admiral Markets