The GBP/USD is building a bullish channel and an immediate break above 1.30 could indicate that a bearish correction is not likely to take place. A bullish break could see price move up to 1.3250. But for the moment though a bullish bounce could take place at the 23.6% Fib for a short rally and then a wave down.
The GBP/USD could struggle to break above the Fibonacci retracement levels of wave B vs A (orange). A bearish bounce at the 61.8% Fib level seems the most likely at the moment and could fall down to the 50% Fib of wave B vs A, which could be a bullish bouncing spot.
