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Intraday forecastBritish Pound / US Dollar technical chart
SymbolGBPUSD
Release TimeOctober 22, 2016 - 08:06
Advisesell (limit) below R1=1.226
Intraday
Short term
Yesterday range91
Yesterday high1.2298
Yesterday low1.2207
Yesterday close1.2253
R31.2375
R21.228
R11.226
S11.217
S21.2145
S31.21
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.226.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.217.
TP4: S2=1.2145.
Set the stoploss of these orders at breakout of R2=1.228.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.228.
In this situation, there is an expectation to reach the target R3=1.2375.
Set the stoploss of reverse orders at breakout of R1=1.226.

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