GBPUSD trades to a new session low after stronger ISM data | Forexlive

GBPUSD falls after trading at highest level since June 2022

The GBPUSD is trading to a new session low after the better-than-expected ISM manufacturing data, and in the process looks toward the 1.2500 natural support level. The 38.2% retracement of the move up from the April 17 low is also in play near that natural support at 1.24951. A swing area going back to April 12 to April 14 is between 1.2495 and 1.2500.

On Friday the high price reach 1.25833. That was short of the low of a swing area going back to April, May and June 2022 between 1.2598 and 1.25653. The high price was the highest level since June 2022. Should the price continue its upside momentum, getting above that swing area would be eyed.

GBPUSD on the daily chart

Source : https://www.forexlive.com/technical-analysis/gbpusd-trades-to-a-new-session-low-after-stronger-ism-data-20230501/
https://newjinmedia.com/gbpusd-trades-to-a-new-session-low-after-stronger-ism-data-forexlive/