FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD


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



USD/YEN - 107.44

As long as support 107.22 holds, further consolidation within recent established sideways
range is envisaged with mild upside bias but above 108.10 is needed to signal erratic decline
from 108.75 has ended, bring further gain towards this resistance later this week..

Below said support risks marignal weakness but support at 106.74 would hold from here...


INTRA-DAY GBP/USD OUTLOOK
(Update at 02:28GMT 2003/12/24)

As cable has continued to trade narrowly after yesterday`s recovery to 1.7665, further
sideways consolidation is seen in Asia but as long as 1.7610/15 holds, another rise to
indicated objective is seen but above 1.7695/00 needed to confirm uptrend resumes.

Trade from long side, stop there, break risks one more corrective fall to 1.7575/80 before
rebound...


Rate: 1.7638
Strategy / Entry Level: Hold long
Position: Long at 1.7635
Objective: 1.7675/80
Stop-Loss: 1.7610
Range Forecast: 1.7630 / 1.7665
Resistance: 1.7702/1.7743/1.7798
Support: 1.7598/1.7558/1.7531



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