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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeMay 11, 2020 - 20:50
Advisesell (limit) below R1=1.2375
Intraday
Short term
Yesterday range120
Yesterday high1.2466
Yesterday low1.2347
Yesterday close1.2406
R31.2495
R21.24
R11.2375
S11.229
S21.2265
S31.22
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.2375.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.229.
TP4: S2=1.2265.
Set the stoploss of these orders at breakout of R2=1.24.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.24.
In this situation, there is an expectation to reach the target R3=1.2495.
Set the stoploss of reverse orders at breakout of R1=1.2375.

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