08 March 2021, GBP/USD
Wave Analysis
Last week, the British pound continued to the lowerside and is still pretty much bearish both on the daily and on the weekly chart. Last week alone the British pound pulled back 61.8% of the value it gained last month alone. If the price can break and close below this fib level, then we will expect a possible rally towards the previous month's lowest low. and could breakout much lower. However, a rebound from this fib level , will mean we are looking for a possible long term buy position expectigng price to break and close above the previous month's highest high.
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