29 April 2022, GBP/USD
GBPUSD trading plan:
The U.S. economy unexpectedly contracted in the first quarter. Gross domestic product fell at a 1.4% annualized rate last quarter, the government said in its advance GDP estimate. The economy grew at a robust 6.9% pace in the fourth quarter. The economy also took a hit from supply-chain challenges, worker shortages and rampant inflation. Last quarter's decline is a head fake as GDP remains 2.8% above its level in the fourth quarter of 2019. Businesses have turned to imports to satisfy demand, with local manufacturers lacking the capacity to boost production. Business inventories increased at a $158.7 billion pace, slowing from the robust $193.2 billion rate in the October-December quarter. Inventory investment cut 0.84 percentage point from GDP growth.
Investment idea: buy 1.2480 and take profit 1.2559.
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