FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD Nov 7, 03

Friday, November 07, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 110.10
Another day of consolidation is in store with mild upside bias, however, a firm break above
110.65/70 is needed to signal another leg of corrective upmove from recent low at 107.86 is
under way, bring re-test of this week`s high at 111.50 possibly next week.

Below 109.48 would risk marginal weakness but 109.00 should hold and yield rebound later...


INTRA-DAY GBP/USD OUTLOOK

(Update at 01:56GMT 2003/11/07)

Although cable has recovered from 1.6643 and consolidation with upside bias is seen, above
1.6730 is needed to remove downside risk of an exhaustive decline, bring further gain
towards 1.6760/65..

Trade from long side, stop as indicated and take profit on such move. Below said support
would risk marginal fall towards 1.6608 before strong rebound...


Rate: 1.6680
Strategy / Entry Level: Hold long
Position: Long at 1.6650
Objective: 1.6685
Stop-Loss: 1.6650
Range Forecast: 1.6660 / 1.6690
Resistance: 1.6784/1.6832/1.6872
Support: 1.6622/1.6535/1.6450




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