TODAY`S FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD

Friday, October 24, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 109.54
Dollar is expected to gyrate within recent established broad range with mild upside bias for subsequent gain towards upper range at 110.59, however, 111.00 would remain intact.

Below 108.77 would signal medium term downtrend has finally resumed, bring marginal break of 108.28 low before prospect of a strong rebound...


INTRA-DAY GBP/USD OUTLOOK

(Update at 22:44GMT 2003/10/23)

As cable has continued to move higher after finding renewed buying at 1.6892, suggesting recent uptrend would resume soon for one more rise towards psychological resistance 1.7000, however, loss of momentum should cap price at 1.7040/45, yield retreat later..

Buy dips, stop initially at 1.6925, break would prolong consolidation but said support would hold...


Rate: 1.6954
Strategy / Entry Level: Buy dips
Position:

Objective: 1.6990
Stop-Loss: 1.6925
Range Forecast: 1.6940 / 1.6970
Resistance: 1.6970/1.7000/1.7044
Support: 1.6893/1.6835/1.6800




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