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

Tuesday, March 2, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 108.98

Dollar has continued to trade narrowly as focus is on European currencies, however, as long
as resistance at 109.84 holds, consolidation with downside bias is seen for retracement of
recent upmove fm 105.16 low but reckon support at 108.04 would contain weakness and
yield another leg of corrective upmove later this week.



INTRA-DAY GBP/USD OUTLOOK
(Update at 02:31 GMT 2004/03/02)

Renewed dollar`s rebound vs other European currencies should pressure cable and
consolidation with downside bias is seen for weakness to indicated objective but below
1.8643 is needed to bring strong retracement of Friday`s rise from 1.8466 toward 1.8625.

Trade from short side, stop above 1.8700, only break of 1.8717 aborts and risks re-test of
1.8750.


Rate: 1.8683
Strategy / Entry Level: Short at 1.8705

Position: Hold short
Objective: 1.8665
Stop-Loss: 1.8718
Range Forecast: 1.8670 / 1.8695
Resistance: 1.8717/1.8750/1.8780
Support: 1.8643/1.8618/1.8574



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