Minor Wave 1 complete

Let me start by saying I do not recommend any long trades in the current environment. The GBP is going to be trending short for many months. I will just try and advise of good spots to jump in short and advise of potential major retracement points.  Based on today's movement, I am quite sure that the short movement that began on 11/17 is in retracement mode. The last push short on the chart labeled (v) appears to be an extended fifth. This should mean an ultimate retracement to at least 1.6004. The movement long from (v)appears to be in 3 waves (on a 5 min chart) so far. this means the current short move will hit at least 1.5873 wtih the potential to make a new low before it retraces to 1.6004. Once this plays out or if something materially changes, I will post another chart.