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

Wednesday, March 3, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 110.15

Yesterday`s resumption of recent upmove from 105.16 suggests further gain to 111.00/05 is
under way, however, as this move is viewed as retracement of edium term downtrend,
reckon 111.50 resistance would hold due to overbought condition and yield retreat later.



INTRA-DAY GBP/USD OUTLOOK
(Update at 23:49 GMT 2004/03/02)

As cable has stabilised after yesterday`s selloff to 1.8350, initial consolidation is seen in Asia
before decline resumes, brings re-test of said support, then marginal weakness toward
1.8320/25 but loss of near term momentum would keep price above 1.8270.

Trade from short side, stop above 1.8417, break would defer and risk recovery to 1.8460/65
before down.


Rate: 1.8683
Strategy / Entry Level: Short at 1.8400
Position: Hold short
Objective: 1.8360
Stop-Loss: 1.8420
Range Forecast: 1.8380 / 1.8410
Resistance: 1.8417/1.8460/1.8536
Support: 1.8350/1.8320/1.8282



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