The GBP/USD is expected to bounce at support (blue) or break above resistance (orange) in a final wave 5 (green), which seems to be an ending diagonal. A bullish break aims for the target zone at around 1.34-1.35 whereas a break below the support line and bottom of wave 2 (orange) invalidates the current wave pattern.
The GBP/USD seems to have completed 5 waves (green) to the upside within a potential wave A (dark red). Now price is expected to build a bearish ABC (green) retracement within wave B (dark red), which could test the Fibonacci levels of wave B vs A.
