No argument with the weight part, just the percentage body fat part. It's simply not possible to drop 4, 5 or 6 pounds of actual fat that rapidly, you've got to burn 3500 Calories to actually burn off a pound of fat, even one pound is a big workout.
Your tape might even show a small reduction depending on where you carry your excess water, do a multi point skin caliper test for the most reliable body fat in this case (checking real fat losses vs. hydration changes). If you always track body fat while in similar hydration states and you've practiced the technique then I prefer underwater weighing but like I said above it's heavily influenced by hydration state. I've never had much luck with electrical impedance based methods, even when both underwater weighing and multipoint caliper measurements had me below 10% body fat the electrical methods (handheld, integrated into bathroom scale and multicontact lab units) had me at 18-20%.
No, I don't actually obsess about body fat as much as this post would make it look. I got roped into a few studies over the years, they like probing and prodding cyclists and I got some free VO2 Max tests out of the deal
-Dave