FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD

Monday, December 29, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com


USD/YEN - 107.33

Friday`s strong rebound from 106.93 suggests dollar should continue to gyrate within early
established broad range from 106.74 low and although mild upside bias is seen, a firm break
above 108.10 is needed to signal erratic decline from 108.75 has ended, bring further gain
towards this level..

Below said support would risk marginal weakness but 106.00 should remain intact...


INTRA-DAY GBP/USD OUTLOOK
(Update at 02:17GMT 2003/12/29)

Although cable has edged higher after Friday`s retreat to 1.7697, above 1.7740 is needed to
remove downside risk of another corrective fall and signal uptrend has resumed, bring
marginal gain to 1.7770/75 but 1.7800 would hold from here..

Incline to buy on next decline, stop initially as indicated and take profit on upmove...


Rate: 1.7726
Strategy / Entry Level: Buy at 1.7695
Position:

Objective: 1.7735/40
Stop-Loss: 1.7663
Range Forecast: 1.7700/1.7730
Resistance: 1.7762/1.7776/1.7806
Support: 1.7665/1.7628/1.7598



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