On the GBP/USD, we are only observing a three-wave recovery in the making from March 8 lows.

That said, particularly we see price unfolding a five-wave move within wave 3) or C), which can extend its gains towards the 1.415-1.4180 region, before a temporary pause comes into play. All being said, a significant breach above the upper channel line would suggest red wave 3) to be in progress, rather than wave C), which could then mean a five-wave cycle can be in for the GBP/USD, to the upside.

However, a push lower from the upper channel line would suggest a completed A)-B)-C) rise and more weakness.

GBP/USD, 1H