TODAY`S FOREX MARKET OUTLOOK FROM ACETRADER - GBP/USD

Wednesday, February 18, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN- 105.63

Despite yesterday`s brief rebound to 106.03, lack of upside follow through buying and
subsequent retreat suggest consolidation with downside bias remains and below support
105.16 would extend recent downtrend towards 104.60/65 before prospect of a much-needed
correction...


INTRA-DAY GBP/USD OUTLOOK
(Update at 22:23 GMT 2004/02/17)

As cable has stabilised after yesterday`s rise to 1.9085, suggesting further sideways trading
would be seen in Asia before recent uptrend resumes for re-test of said resistance, then
marginally toward 1.9115/20 but loss of momentum would cap price well below 1.9150..

Hold long with stop as indicated, only break of 1.9005 would defer and risk 1.8990...


Rate: 1.9041
Strategy / Entry Level: Hold long
Position: Long at 1.9050
Objective: 1.9085
Stop-Loss: 1.9020
Range Forecast: 1.9040 / 1.9070
Resistance: 1.9085/1.9100/1.9152
Support: 1.9005/1.8990/1.8918

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