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Intraday forecastBritish Pound vs. US Dollar technical chart
SymbolGBPUSD
Release TimeWed, 05/15/2019 - 19:55
Advisesell (limit) below R1=1.288
Intraday
Short term
Yesterday range67
Yesterday high1.297
Yesterday low1.2903
Yesterday close1.2903
R31.299
R21.29
R11.288
S11.2825
S21.278
S31.271
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.288.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.2825.
TP4: S2=1.278.
Set the stoploss of these orders at breakout of R2=1.29.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.29.
In this situation, there is an expectation to reach the target R3=1.299.
Set the stoploss of reverse orders at breakout of R1=1.288.

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