The GBP/USD is challenging a key resistance trend line (orange) and a bullish breakout could confirm the ABC zigzag pattern (blue). Price needs to break above the downtrend channel before a larger bullish correction can take place whereas a break below the support (green) line could indicate a bearish continuation with the down trend.
The GBP/USD is probably building a bullish wave 5 (green) but if price fails to break above the resistance trend line (red), then price could also be building an ABC (orange) correction within wave 4 (green). At the moment though, a bullish breakout to complete the wave 5 (green) seems likely and price could move up to the Fibonacci targets of wave 5.
