GBP-1.7735 21st Oct,2005 Pre-Japanese Update

As expected Pound has rallied in line with our expectation and tested our min target at 1.7710. We booked a profit of 90 pip for our 1.7620 buy position. For now we would expect the currency make corrective decline towards 1.7660 before resuming a next leg upside towards 1.7820. So we would prefer buying if 1.7670 is seen. However stay alert to sell if the high is seen first.

Buy @ 1.7670 for 1.7800, with stop below 1.7640. (or)

Sell @ 1.7790 if seen first for 1.7700,with stop above 1.7820.