Pound at a crossroads.......again!

I found it interesting that the recorded flash crash low retraced almost exactly to the 38,2 fib level before turning down again. This makes me think that the Pound may be resuming it's downtrend and starting an elusive wave 5 down. As ever, the Pound is a slippery customer and aims to confuse so alternatively, the flash crash low may have been THE low and the fall from the 1.27 level may be a wave 2 retracement of a wave 1 up, before further recovery. My inclination though is that the downtrend has resumed. As ever, time will tell.