Short retracement then more downside for GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
165 2 2
After Fridays decline the Pound is retracing some of it's losses this morning here in Asia. However, I think the retracement will be short lived and the Pound decline has further to go.
Comment: PLaying out as expected. Perhaps one more leg down before a correction to complete wave 5.
Comment: Got my count a bit wrong but still worked out. Difficult not to with the Pound these days!
why should gu go down the day after fed's no hike day?
tomj2417 mike1223
Who knows? Because more people are selling Pounds than buying them? Analysis based on Elliott wave and common fibonacci retracement levels. From a fundamental view the Pound still looks more likely to lower rates further while the market see's an inflation based rate hike in the Dollar more likely. You can find "reasons" for any view if you look hard enough. I just look at price action and Wave theory.
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