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Intraday forecastBritish Pound vs. US Dollar technical chart
SymbolGBPUSD
Release TimeWed, 10/09/2019 - 20:17
Advisesell (limit) below R1=1.225
Intraday
Short term
Yesterday range107
Yesterday high1.2302
Yesterday low1.2195
Yesterday close1.2215
R31.237
R21.2275
R11.225
S11.219
S21.2165
S31.211
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.225.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.219.
TP4: S2=1.2165.
Set the stoploss of these orders at breakout of R2=1.2275.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.2275.
In this situation, there is an expectation to reach the target R3=1.237.
Set the stoploss of reverse orders at breakout of R1=1.225.

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