FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD

Monday, January 19, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 106.57

Despite Friday`s marginal weakness to 105.70, subsequent rally to 107.00 confirms medium
term erratic decline has made a temporary low and consolidation with upside bias is seen for
a moderate correction to 107.30 but 108.00 should limit upside, bring choppy trading...


INTRA-DAY GBP/USD OUTLOOK
(Update at 02:11GMT 2004/01/19)

Cable`s current retreat from 1.8004 (Australia) suggests early recovery from Friday`s low at
1.7927 has possibly ended and resumption of recent decline is under way, bring wekaness to
1.7900/10 but near term loss of momentum should bring rebound later.

Hold short for 1.7950 1st and if price resumes decline to 1.7910, buy for rebound to 1.7960...

Rate: 1.7976
Strategy / Entry Level: Hold short
Position: Short 1.8000
Objective: 1.7950
Stop-Loss: 1.8030
Range Forecast: 1.7960 / 1.7990
Resistance: 1.8004/1.8035/1.8105
Support: 1.7927/1.7899/1.7817


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