彷 doesn't stand alone in modern Chinese - it's a bound morpheme. Two readings: páng in
彷徨/
彷徉 (pacing, wandering - Lu Xun's 1926 short-story collection
《彷徨》 'Wandering' uses this reading); fǎng in
彷佛 (a literary variant of
仿佛 'as if'). The character is
彳 (step) +
方 (direction / square) - 'stepping in directions', i.e. wandering.