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

Thursday, February 26, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN- 109.10

Although dollar has rebounded after finding good support at 108.04, above resistance 109.40
is needed to confirm recent upmove from 105.16 low has resumed and bring further gain
towards 110.06 resistance, however, overbought condition should limit upside today and
yield retreat later.


INTRA-DAY GBP/USD OUTLOOK
(Update at 01:38 GMT 2004/02/26)

Current rebound suggests a minor retracement of yesterday`s selloff is under way and
although marginal gain to 1.8775/80 is seen, overbought condition would cap price below
1.8800/05 and yield retreat later.

Suggest to turn short on such rise, stop as indicated for 1.8730/35 but below 1.8705 is
needed to confirm decline has resumed, 1.8690 again.


Rate: 1.8760

Strategy / Entry Level: Turn short at 1.8775
Position:

Objective: 1.8735

Stop-Loss: 1.8805
Range Forecast: 1.8750 / 1.8775
Resistance: 1.8819/1.8858/1.8948

Support: 1.8646/1.8627/1.8606



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