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Intraday forecastBritish Pound vs. US Dollar technical chart
SymbolGBPUSD
Release TimeThu, 07/11/2019 - 19:46
Advisebuy (limit) above S1=1.2495
Intraday
Short term
Yesterday range77
Yesterday high1.252
Yesterday low1.2443
Yesterday close1.2499
R31.266
R21.257
R11.254
S11.2495
S21.246
S31.2355
Trade setup

As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.2495.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.254.
TP4: R2=1.257.
Set the stoploss of these orders at breakout of S2=1.246.

Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of S2=1.246.
In this situation, there is an expectation to reach the target S3=1.2355.
Set the stoploss of reverse orders at breakout of S1=1.2495.

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