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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeJune 29, 2020 - 20:44
Advisesell (limit) below R1=1.232
Intraday
Short term
Yesterday range122
Yesterday high1.2436
Yesterday low1.2314
Yesterday close1.2336
R31.242
R21.2335
R11.232
S11.225
S21.22
S31.216
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.232.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.225.
TP4: S2=1.22.
Set the stoploss of these orders at breakout of R2=1.2335.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.2335.
In this situation, there is an expectation to reach the target R3=1.242.
Set the stoploss of reverse orders at breakout of R1=1.232.

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