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01.06.202013:44 Forex Analysis & Reviews: GBP/USD analysis for June 01, 2020 - Rejection of the resistance trendline. Watch for the downside rotation towards the 1.2335

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Exchange Rates 01.06.2020 analysis

Technical analysis:

GBP/USD has been trading upwards. The price tested and rejected of the resistance trendline at the price of 1,2425. I see further downside rotation towards the level of 1,2334 due to overbought condition.

Trading recommendation:

Watch for selling opportunities on the GBP due to overbought condiiton on the Stochastic oscillator and rejection of the resistance trendline.

The downward target is set at the price of 1,2334.

Support level is seen at the price of 1,2334.

Petar Jacimovic
Analytical expert of InstaForex
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