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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeJanuary 20, 2022 - 21:24
Advisesell (limit) below R1=1.3635
Intraday
Short term
Yesterday range61
Yesterday high1.3649
Yesterday low1.3588
Yesterday close1.3611
R31.375
R21.366
R11.3635
S11.357
S21.3535
S31.349
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.3635.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.357.
TP4: S2=1.3535.
Set the stoploss of these orders at breakout of R2=1.366.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.366.
In this situation, there is an expectation to reach the target R3=1.375.
Set the stoploss of reverse orders at breakout of R1=1.3635.

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