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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeJuly 7, 2015 - 19:55
Advisesell (limit) below R1=1.552
Intraday
Short term
Yesterday range97
Yesterday high1.5628
Yesterday low1.5531
Yesterday close1.5604
R31.564
R21.5545
R11.552
S11.5415
S21.537
S31.532
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.552.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.5415.
TP4: S2=1.537.
Set the stoploss of these orders at breakout of R2=1.5545.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.5545.
In this situation, there is an expectation to reach the target R3=1.564.
Set the stoploss of reverse orders at breakout of R1=1.552.

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