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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeMay 4, 2020 - 20:00
Advisesell (limit) below R1=1.252
Intraday
Short term
Yesterday range118
Yesterday high1.26
Yesterday low1.2482
Yesterday close1.2503
R31.264
R21.2545
R11.252
S11.2405
S21.236
S31.2255
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.252.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.2405.
TP4: S2=1.236.
Set the stoploss of these orders at breakout of R2=1.2545.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.2545.
In this situation, there is an expectation to reach the target R3=1.264.
Set the stoploss of reverse orders at breakout of R1=1.252.

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