The GBP/USD bearish bounce is now testing the previous bottom (blue) and larger support trend line (blue), which are both bounce or break spots.
The GBP/USD break above the resistance trend line (red) could indicate a bullish move towards the higher resistance trend line (red) whereas a break below support could confirm the potential wave 3 (purple) pattern.
The GBP/USD bounced Fibonacci resistance levels but still needs to break below support if it is going to confirm a potential wave 3 (orange). A break above resistance could indicate and expanded correction in wave 2 (green).
