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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeMay 3, 2021 - 20:00
Advisesell (limit) below R1=1.396
Intraday
Short term
Yesterday range155
Yesterday high1.3958
Yesterday low1.3803
Yesterday close1.3813
R31.406
R21.3975
R11.396
S11.3875
S21.3855
S31.38
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.396.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.3875.
TP4: S2=1.3855.
Set the stoploss of these orders at breakout of R2=1.3975.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.3975.
In this situation, there is an expectation to reach the target R3=1.406.
Set the stoploss of reverse orders at breakout of R1=1.396.

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