Sharp and extended decline seen in February suggests that 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, pair is now in wave four pull-back towards 38.2% retracement
level and to falling trend-line connected from 2012 swing.
More Detailed Chart & Article at: http://commoditynp.blogspot.com/2013/03/gbpusd-found-temporary-low-look-higher.html