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Monday, December 18, 2006

GBP/USD: Stops Run Extends Through 1.9490 to 1.9455

The Dollar staged a brief dip following the US current account data but the short covering proved brief and thin trading conditions have since favoured the US unit. Bids in the 1.9495-00 area were cleared away at the fifth attempt and the resulting follow through, helped by stops under 1.9480, has now reached 1.9455-60.

Little in the way of support until the mid-1.93's but given the state of the market big figures can be taken out with ease. There are a couple daily lows at 1.9370 and 1.9335, but these are unlikely to offer much in the way of support once the Cable market gets moving.

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