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Intraday forecastBritish Pound vs. US Dollar technical chart
SymbolGBPUSD
Release TimeThu, 11/08/2018 - 20:09
Advisesell (limit) below R1=1.311
Intraday
Short term
Yesterday range101
Yesterday high1.3174
Yesterday low1.3073
Yesterday close1.3124
R31.322
R21.313
R11.311
S11.3035
S21.2965
S31.292
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.311.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.3035.
TP4: S2=1.2965.
Set the stoploss of these orders at breakout of R2=1.313.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.313.
In this situation, there is an expectation to reach the target R3=1.322.
Set the stoploss of reverse orders at breakout of R1=1.311.

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