The GBPUSD is supported by a long term trendline that dates to 1985 (see purple line at bottom of chart). I expect a larger bounce off of this line, regardless of the larger trend.
I have presented a potential count from the 2007 top. Under the above count, a 4th wave is underway now that would likely take the form of a triangle or flat (the triangle labels are on the chart…a-b-c-d-e). The result would be a volatile range over the next several weeks before a break to a new low.