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Forex Market Outlook on Majors

Fri, Jul 3 2009, 03:51 GMT

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INTRA-DAY GBP/USD:

Last Update At 03 Jul 2009 02:43 GMT

Rate :  1.6377

As cable has rebounded in tandem with euro after
trading abv y'day's NY low of 1.6323, suggesting
the decline fm this week's high at 1.6745 has possi
bly made a temp. low n nr term upside bias is seen
for a recovery but reckon res at 1.6430 wud hold.

For st trade, buy dips for 1.6400 n if sterling
rises to 1.6410 1st, sell for retreat to 1.6360.

Range Forecast
1.6350 / 1.6390

Resistance/Support

R: 1.6400/1.6430/1.6465
S: 1.6323/1.6274/1.6231


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