A sharp and extended decline seen in February, suggests that the pair is trading impulsively lower from above 1.6300 high. However, last week pair has found a bottom at 1.4830, which was expected after five waves down in wave (3) exactly to 261.8% Fibonacci level measured of a red wave 1). We know that after every five waves correction follows, so ideally, the pair is now in wave four pull-back towards 38.2% retracement level and to falling trend-line connected from 2012 swing. This zone could be a nice resistance for new sell-off on that pair, especially if we also respect 1.5270 low from 2012 that will ideally become a resistance. However, before we can look for a weaker GBP, we need three waves up within current wave (4). For now we see only one leg up in wave four counted from 1.4830 so be aware of more strength within the current corrective rally in the week ahead. 
Previous Update on GBPUSD click here
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Temporary Low For GBP/USD; Look Higher Next Week
Published 03/18/2013, 06:04 AM
Temporary Low For GBP/USD; Look Higher Next Week
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