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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeThu, 05/21/2020 - 20:26
Advisesell (limit) below R1=1.2255
Intraday
Short term
Yesterday range66
Yesterday high1.2287
Yesterday low1.222
Yesterday close1.223
R31.2385
R21.2285
R11.2255
S11.2185
S21.215
S31.208
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.2255.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.2185.
TP4: S2=1.215.
Set the stoploss of these orders at breakout of R2=1.2285.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.2285.
In this situation, there is an expectation to reach the target R3=1.2385.
Set the stoploss of reverse orders at breakout of R1=1.2255.

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