Possibility of a short move once it has broken the demand level and comes back for a retest. Will only look to take the trade if I can find 3 reasons to take it.
1) Demand level turning into support level
3) ?Fib level?
There is still a chance of the demand level holding and a bullish rally from where price is currently.
Couple of days left in March. Would want to see how the monthly and weekly ends, and within that time we could see more confirmations regarding where the pair wants to go. The line above the current price is also the 61.8 fib level on a descending fib on the daily. So could see price going up there before it starts a bearish trend.
Not really anything that I would want to take here. Just an analysis for anyone that is curious.
From what we could see last week, the spreads on gold were high, the pair is also extremely volatile at the moment.
Watch price to see what it wants it to do. Price was just the lowest it's ever been for GBP/USD. It could potentially start recovering, however, if it does start breaking all the support it's made it can plummet further down towards 1.1000.