USD index is trading sideways for some time now, ideally unfolding an Elliott wave triangle correction in wave B that is part of a three-wave corrective decline. A triangle is a continuation pattern, which has five legs in a sideways range, so breakout is expected to occur lower after A-B-C-D-E sub-waves: ideally into the same direction as previous wave A.
Now we see price making an intra-day recovery, ideally leg E) of a triangle with possible resistance at the Fib. Ratio of 61.8 (99.9/100.0 zone), from where wave C lower can start forming.
USD Index, 4h
Well, if USD Index is headed lower after that pattern unfolds, then cable can see more upside from current supports. In fact, on a daily chart of GBPUSD we see price in a possible higher degree recovery that should be made by three waves. Ideally, this recovery is missing a third leg up, which may resume from current 38.2, 50.0 and 61.8% Fibonacci levels, so wave B can be ending.