TODAY`S FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD Oct 20, 03
Monday, October 20, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com

USD/YEN - 109.85

Despite initial fall to 108.77, intra-day strong rebound suggests further consolidation within recent established range is envisaged, however, above 110.04 needed to signal corrective rise from 108.28 has resumed, yield 110.33 and possibly towards 110.79..

INTRA-DAY GBP/USD OUTLOOK

(Update at 03:20GMT 2003/10/20) The intra-day selloff from 1.6799 (Australia) to 1.6713 suggests the choppy consolidation from last week`s top at 1.6820 would continue and downside bias is seen for another retreat to 1.6700/05, break would extend weakness toward 1.6675 before rebound. Sell recovery, stop above 1.6777 but only break of 1.6799 aborts this view and yields 1.6820 later...

Rate:1.6745
Strategy / Entry Level:Sell at 1.6750
Position:
Objective:1.6705
Stop-Loss:1.6780
Range Forecast:1.6730 / 1.6755
Resistance:1.6777/1.6799/1.6820
Support:1.6713/1.6675/1.6638


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