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Thursday, January 18, 2007

GBP/USD: Trips Stops Below 1.9680 & 1.9660 post-US Data

Cable has tripped stops below 1.9680 and 1.9660 en route to a low of 1.9637 since the disclosure of better-than-expected US December housing starts. These came in at 1642k, against the 1565k forecast. Weekly US jobless claims also came in well-below forecast, at 290k against the expected 314k.

US December core CPI came in +0.2% m/m, exactly as expected. Sub-1.9637 support points/bear targets include 1.9620, 1.9610, 1.9600, and 1.9590 (Tuesday's base). Demand is tipped at 1.9620. A 1.9610 option strike rolls off at today's 10am EST NY cut (15:00GMT).

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