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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeAugust 5, 2020 - 19:55
Advisebuy (limit) above S1=1.3095
Intraday
Short term
Yesterday range127
Yesterday high1.3107
Yesterday low1.2981
Yesterday close1.3071
R31.322
R21.3195
R11.317
S11.3095
S21.3065
S31.2965
Trade setup

As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.3095.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.317.
TP4: R2=1.3195.
Set the stoploss of these orders at breakout of S2=1.3065.

Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of S2=1.3065.
In this situation, there is an expectation to reach the target S3=1.2965.
Set the stoploss of reverse orders at breakout of S1=1.3095.

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