The GBP/USD could still be in a wave 2 (blue) because price did not break above the previous top and 100% Fib. Price will however need to break below the support to confirm a bearish breakout.
The GBP/USD is probably building a wave 1-2 pattern within the waves 5.
The GBP/USD made a bounce at the deep Fibonacci levelswhich is typical for a wave 2. Price needs to break, make a pullback and continue before downside becomes more likely. The trend lines indicate indecision at the moment and a triangle chart pattern.
