Wednesday June 9, 2004 - 06:28:25 GMT
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Saxo Bank - www.saxobank.com
Trading Strategy - Short GBP/USD
9 June 06:30 GMT GBP/USD: 1.8360
Sell GBP/USD here around 1.8360 or a notch or two higher with a stop at 1.8435 bid and a target of 1.8180.
Greenspan's underlining of "hawkishness will be there if required" yesterday plus the data load from UK today and BOE tomorrow (where a hike is already priced in) make me believe that GBP/USD is particularly vulnerable to considerable downside before it finds enough support for another rally attempt.
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