Looks to test recent lows
The GBPUSD is trading to a new session low and in the process is looking to test the recent lows.
The low last week reached 1.22653. The low from yesterday reached 1.22819. The low today just reached 1.2282 in the current hourly bar. That took out the earlier low at 1.22859.
A move below will look toward the low from last week at 1.22653.
Looking at the daily chart, the April 21 low comes in at 1.22464. Combining the May low with the April 21 low, has support in the 1.2246-65 ara. Below that and traders will be looking toward the 38.2% at 1.21737 and the April low (from April 7) at 1.21616.