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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeJuly 31, 2020 - 20:58
Advisesell (limit) below R1=1.3145
Intraday
Short term
Yesterday range158
Yesterday high1.3102
Yesterday low1.2944
Yesterday close1.3094
R31.326
R21.317
R11.3145
S11.307
S21.302
S31.295
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.3145.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.307.
TP4: S2=1.302.
Set the stoploss of these orders at breakout of R2=1.317.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.317.
In this situation, there is an expectation to reach the target R3=1.326.
Set the stoploss of reverse orders at breakout of R1=1.3145.

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