FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD
Wednesday, December 31, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 106.99

Although dollar`s weakness elsewhere has kept price under pressure, only below 106.74
support would signal medium term downtrend has finally resumed, however, reckon 106.00
would hold today.

Above 107.51 would retain our broad consolidative view and signal erratic decline from
108.75 has ended, bring subsequent gain towards 108.10...


INTRA-DAY GBP/USD OUTLOOK
(Update at 23:03GMT 2003/12/30)

Despite overnight retreat from 1.7815, near term oversold condition suggests pullback would
be limited to 1.7755 and yield rebound later, above 1.7800 would confirm recent upmove has
resumed, bring marginal rise towards 1.7830/35 before correction.

Trade from long side, stop initially as indicated but only below 1.7727 confirms temporary top
formed...


Rate: 1.2489
Strategy / Entry Level: Hold long
Position: Long at 1.7770
Objective: 1.7800
Stop-Loss: 1.7740
Range Forecast: 1.7770 / 1.7800
Resistance: 1.7835/1.7879/1.7900
Support: 1.7755/1.7727/1.7697



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