GBP/USD analysis for July 02, 2020 – Watch for selling opportunities due to overbought condiiton on the GBP

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Corona virus summary:

West Bank has gone into lockdown as virus numbers soar. The Palestinian Authority has announced a five-day lockdown across the West Bank after the total confirmed coronavirus infections in the territory more than doubled following the easing of previous restrictions.

Technical analysis:

Trading recommendation:

Watch for potential selling opportunities due to overbought condiiton and bearish divergence on the Stochastic oscillator.

Downward targets are set at the price of 1,2487 and 1,2463

Resistance is set at 1,2525

The material has been provided by InstaForex Company – www.instaforex.com