We got a reaction (in 3 waves) as expected, but then the market retraced
around 90% of the fall in 3 waves, which give this price action a look of a flat.
The market should now drop in 5 waves and at least challange the 1.95 level,
but it could go lower.
The weekly and daily candle sticks on the gbpusd are not very bullish and the market should remain weak for a while.
The market pyschology is very confused, which it should be in a flat, but in terms of EW; 5 waves up followed but 3 down and 3 up is always a sell.
Could be a triangle mind you, but the bigger market structure does not support that view at the moment.