Updating time : 15/10/2008 00:38 GMT

GBP/USD - 1.7398... Despite y'day's rise to 1.7632, cable declined fm
there in tandem with euro n also due to cross selling esp vs yen (carry trades
were unwound as the Dow ended the day lower following Monday's record single-day
rally ) n the breach of 1.7414 signals upmove fm 1.6781 (last Friday's low) has
possibly formed a temporary top n consolidation with downside bias is seen for a
correction to 1.7351 (present lvl of the lower hourly Bollinger band) n then
1.7307/10 (38.2% r of 1.6781-1.7632 n sup), however, reckon prev. sup at 1.7261
wud hold (hourly oscillators are likely to be in o/sold territory on such move n
yield rebound later.
Today, we will stand initially for day trade but readers shud look out
for any special updates as we may look to sell on intra-day recovery or venture
buying on further weakness twds 1.7300. Abv 1.7507/09 (50% r of 1.7632-1.7382 n
prev. minor sup) wud indicate pullback has ended, yield another rise to 1.7580/
90 but only a breach of y'day's high at 1.7632 wud confirm aforesaid upmove fm
1.6781 has resumed n bring further gain twd 1.7700...

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