FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD
Wednesday, December 3, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 108.75

Yesterday`s selloff on dollar`s broad-based weakness indicates near term downside bias
remains for a retracement of the early rise from 107.52 low but reckon 108.00 would hold
from here, yield further choppy consolidation. Only above 109.82 resistance would turn
outlook bullish.


INTRA-DAY GBP/USD OUTLOOK

(Update at 04:08GMT 2003/12/3)

Although cable has moved sideways after making a marginal high at 1.7320, reckon
downside from here would be limited to 1.7280/85, yield resumption of upmove for re-test of
said resistance and then 1.7340/45 but major level at 1.7366 would hold initially.

Buy dips, stop as indicated, below would signal intra-day top is in place, yield 1.7225/30.


Rate: 1.7297
Strategy / Entry Level: Buy at 1.7290
Position:

Objective: 1.7320 1st
Stop-Loss: 1.7265
Range Forecast: 1.7285/1.7310
Resistance: 1.7320/1.7366/1.7400
Support: 1.7245/1.7210/1.7168

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