Updating time : 20/10/2008 00:26 GMT

GBP/USD - 1.7330... Despite tumbling to 1.6781 (lowest since Nov 2003) earlier this month, cable rebounded strongly last Monday n Tuesday to 1.7632 on cross buying esp vs yen after U.K. n European policymakers proposed measures to guarantee bank deposits n encourage lending. Price retreated to 1.7136 on profit taking (stock markets pared early gains) b4 moving sideways on Thursday n Friday as markets calmed down n LIBOR rates continued to ease.

Looking at the bigger picture, cable needs to penetrate last week's high at 1.7632 to signal another leg of correction fm 1.6781 is under way n further gain to 1.7839 (Oct 3 ) n then twds 1.7950 (61.8% r of 1.8672-1.6781) wud follow but reckon 1.8073/95 (38.2% r of 2.0162-1.6781 n present lvl of 55-day ema) wud cap upside.

Below 1.7136 wud indicate the rise fm aforesaid low at 1.6781 has ended instead, yield further weakness to 1.6924 n a breach of 1.6781 wud confirm the downtrend fm '07 top at 2.1162 has finally resumed, bring eventual fall to measured obj. at 1.6539 (61.8% r of the entire upmove fm 1.3682-2.1162)...



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