The GBP/USD is moving lower in a strong downtrend channel. Price could show a bearish continuation within wave 1 (pink) but eventually a bullish ABC correction is expected within wave 2 (pink). Price usually retraces to deeper Fibonacci levels such as the 50, 61.8 or 78.6% Fib before turning back down for a potential wave 3.
The GBP/USD made a small bearish continuation but failed to break the previous bottom. A bullish move could still be part of the wave 4 (purple) correction unless price shows strong momentum breaking above the 38.2-50% Fib zone. A bearish break could see price move towards the Fib targets of wave 5 (purple).