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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeNovember 20, 2014 - 21:48
Advisebuy (limit) above S1=1.5665
Intraday
Short term
Yesterday range131
Yesterday high1.572
Yesterday low1.5589
Yesterday close1.5681
R31.5825
R21.578
R11.5735
S11.5665
S21.5645
S31.5555
Trade setup

As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.5665.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.5735.
TP4: R2=1.578.
Set the stoploss of these orders at breakout of S2=1.5645.

Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of S2=1.5645.
In this situation, there is an expectation to reach the target S3=1.5555.
Set the stoploss of reverse orders at breakout of S1=1.5665.

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