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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeAugust 10, 2022 - 22:08
Advisebuy (limit) above S1=1.217
Intraday
Short term
Yesterday range213
Yesterday high1.2277
Yesterday low1.2064
Yesterday close1.2214
R31.233
R21.2295
R11.225
S11.217
S21.213
S31.202
Trade setup

As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.217.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.225.
TP4: R2=1.2295.
Set the stoploss of these orders at breakout of S2=1.213.

Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of S2=1.213.
In this situation, there is an expectation to reach the target S3=1.202.
Set the stoploss of reverse orders at breakout of S1=1.217.

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