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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeMay 25, 2020 - 20:21
Advisesell (limit) below R1=1.221
Intraday
Short term
Yesterday range72
Yesterday high1.2233
Yesterday low1.216
Yesterday close1.2173
R31.232
R21.223
R11.221
S11.216
S21.214
S31.208
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.221.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.216.
TP4: S2=1.214.
Set the stoploss of these orders at breakout of R2=1.223.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.223.
In this situation, there is an expectation to reach the target R3=1.232.
Set the stoploss of reverse orders at breakout of R1=1.221.

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