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Intraday forecastBritish Pound vs. US Dollar technical chart
SymbolGBPUSD
Release TimeMon, 02/12/2018 - 20:18
Advisesell (limit) below R1=1.388
Intraday
Short term
Yesterday range223
Yesterday high1.3987
Yesterday low1.3764
Yesterday close1.3826
R31.403
R21.3915
R11.388
S11.38
S21.376
S31.369
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.388.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.38.
TP4: S2=1.376.
Set the stoploss of these orders at breakout of R2=1.3915.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.3915.
In this situation, there is an expectation to reach the target R3=1.403.
Set the stoploss of reverse orders at breakout of R1=1.388.

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