The GBP/USD has reached the deeper Fibonacci retracement levels that could act as potential resistance. The Fibs are a key decision zone for a break or bounce.
The GBP/USD invalidates the wave 1-2 (purple) pattern if price manages to break above the previous top and 100% Fibonacci level. In that case a WXY (red) could be valid. A bearish bounce and breakout below the support trend lines (blue) could confirm the potential reversal and wave 1-2-3 (purple) pattern.
The GBP/USD could be completing a wave C (green) of a larger ABC (green) pattern within wave 2 (purple). The Fibonacci retracement levels of wave 2 (purple) remain critical levels for a bullish breakout or bearish bounce / reversal.