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Thursday, March 01, 2007

GBP/USD: Elicits Support pre-1.9570 after ISM-Spurred Drop

Cable elicited support ahead of 1.9570 (today's early Europe intra-day low) following quarter-cent losses spurred by February's much better-than-expected US ISM manufacturing index. This surged to 52.3, from 49.3 in January. A much more modest rise to 50.0 was expected. Noted bids at 1.9550 represent a bear target south of 1.9570. On the topside: offers are touted at 1.9650 and 1.9675.

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