Forex Market Commentary May 04th 2011

Forex Market Commentary—Caution was wise yesterday as the GBP/USD broke new lows and sold off in a dramatic drive to almost 100% of its prior wave 3, causing one to question whether or not that threshold will also be broken. Many other pairs are also selling off, not as violently however, and some lagging behind their correlated pairs. Leading trends are good windows of insight into their lagging pair. The 4 hour time frame is the best for visual perspective. Be cautious of the termination of wave 3 coming soon and the reversal or retracement of the wave 4 that follows.

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