Since approximately 24th February, GBPUSD has been mirroring AUDUSD in a descending wedge. AUDUSD has recently broken the resistance of this wedge and with a retest, could show strong signs of a bullish move... could GBPUSD be doing the same? If the 1.386 level (see red circle) holds, where short-term support may exist, expect a move higher and break of the wedge. If this short-term TL does not hold, expect a further move to the downside as happened on two previous occasions (5th & 27th February).
