Britain has been doing terrible since it's issued article 50 of the Lisbon Treaty for it to leave the European Union, from there the country has been unstable economically, but the banks were preserved with this information and that caused the GBP to recover for a bit, on Thursday we've had fundamentals released by the bank of England which confirmed Britain has lost investments and not only that, but people are very wary of investing in the UK.
Since investments and interests rates are the backbones of the Forex market, and news being negative and a heavy drop on the GBP we can determine from this that the GBP is looking to drop back to the Brexit levels, but as we know the market always trends in swings forming those LL's and LH's in a downtrend, the market has formed the first leg of LL, next up it's forming that LH at the 50% Fibbo retracement as we can determine from previous price levels on GBP/USD.
Since investments and interests rates are the backbones of the Forex market, and news being negative and a heavy drop on the GBP we can determine from this that the GBP is looking to drop back to the Brexit levels, but as we know the market always trends in swings forming those LL's and LH's in a downtrend, the market has formed the first leg of LL, next up it's forming that LH at the 50% Fibbo retracement as we can determine from previous price levels on GBP/USD.