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Intraday forecastBritish Pound vs. US Dollar technical chart
SymbolGBPUSD
Release TimeMon, 02/11/2019 - 21:33
Advisesell (limit) below R1=1.2895
Intraday
Short term
Yesterday range54
Yesterday high1.2975
Yesterday low1.2921
Yesterday close1.2938
R31.3025
R21.2925
R11.2895
S11.283
S21.28
S31.277
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.2895.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.283.
TP4: S2=1.28.
Set the stoploss of these orders at breakout of R2=1.2925.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.2925.
In this situation, there is an expectation to reach the target R3=1.3025.
Set the stoploss of reverse orders at breakout of R1=1.2895.

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