Tuesday May 31, 2005 - 00:45:36 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 31st May 2005 Price:
Resistance: 1.8237 ... 1.8254 ... 1.8271 ... 1.8313
Support....: 1.8184 ... 1.8152 ... 1.8123 ... 1.8066
Break of the 1.8184 - 1.8254 range holds the key to the next 100-120 points
While 1.8184-94 supports there is a small risk of a more bullish interpretation. However, before following this stance we would prefer to see a move above 1.8237 and then 1.8254 which, if seen, would trigger gains higher towards 1.8271 and 1.8313. Further resistance is then found at 1.8333-57.
Since the 1.8184 low we have seen a tight sideways range which maintains the downward bias. We require to see 1.8237 cap and for losses below 1.8184 to trigger losses down to 1.8123 and we feel to 1.8066-84 at least. Further support is then found at 1.8040.
(c) FX-Strategy Inc 2005
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