The GBP/USD made a bearish bounce at the 50% Fibonacci retracement level and price is now testing key support trend lines (blue/green), which is a vital decision zone for either a bearish continuation or bullish reversal.
The GBP/USD has probably completed a wave 4 correction (purple) if price manages to break below the support zone. A break above the resistance trend lines (red/orange) however could invalidate this pattern and indicate a larger bullish reversal.
The GBP/USD bearish bounce and breakout could confirm could confirm the downtrend continuation and indicate that wave 5 (purple) has started after completing wave 4. An alternative is that price is building a 4th and 5th wave (orange) which is possible if price manages to break above the resistance trend line (red).