FX.co ★ GBP/USD analysis for June 01, 2020 - Rejection of the resistance trendline. Watch for the downside rotation towards the 1.2335

Corona virus summary:

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.