The GBP/USD breakout is not likely to succeed as larger support and resistance levels are nearby. A bearish break will face Fibonacci retracement levels, whereas a bullish break will run into resistance.
The GBP/USD seems to be building multiple ABC wavesandis creating lots of choppy price action. Overall, the currency pair remains in a difficult spot and is showing erratic patterns. In the long-term though, it seems that the Cable is building a larger ABCDE contracting triangle pattern (purple).
