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Today in the New York trade, the US is due to release the first estimate of its GDP for Q1 2022. The report is likely to show a notable slowdown in the US economic growth. Such data is certainly bearish for the US dollar.
As usual on Thursdays, traders monitor a weekly update from US Labor Department. The number of initial unemployment claims could have contracted last week.GBP/USD lost more than 550 pips in the course of its nosedive during one
trading week. So, the currency pair extended its medium-term trend and broke several important levels. The RSI technical instrument is moving in the oversold zone on the 4-hour chart, touching critical levels of the indicator. It signals that the pair could begin a technical correction and also indicates an inertial effect.
Moving averages on the H4 and D1 Alligator are pointing downwards. It suggests selling on the back of the ongoing price action.
The daily chart displays that GBP/USD is recovering bit by bit relative to the uptrend of 2020. The price has already recovered by more than 61%.
Outlook and trading tips
If GBP/USD consolidates below 1.2500, traders could increase short positions. The signal that the pound is overbought could be neglected by speculators who plan positions following the inertial price move. The scenario of a technical correction is still under consideration. However, to confirm and implement this scenario, the first thing to do is to determine target levels.I suggest the following downward targets: 1.2500, 1.2250, and 1.2000.
Complex indicator analysis provides a sell signal for the short and medium term as well as for intraday trading because of the extended bearish trend.
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