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Despite moving back and forth, the pound showed little movement, mainly due to the empty economic calendar. However, staying still for too long is not an option. It's not about the UK unemployment data, although forecasts suggest the unemployment rate will rise from 4.2% to 4.3%. This is not important because traders will focus on the US inflation data. Especially since the pace of consumer price growth is expected to slow from 3.2% to 3.1%. There is no need to focus on overly slow rates of slowdown. The important thing is the fact that inflation rates are slowing down. This is already enough to make the Federal Reserve consider easing monetary policy, which, of course, will play against the dollar and contribute to its weakness.
The GBP/USD pair has slowed down the formation of a corrective phase around the support level of 1.2500. As a result, the volume of short positions decreased, and the pound slightly recovered.
On the four-hour chart, the RSI indicator is moving slightly below the 50 midline. This signal indicates that the corrective move is still taking place. However, everything can change once the indicator settles in the upper area of 50/70.
On the same chart, the Alligator's MAs are headed downwards, corresponding to the direction of the corrective move. Meanwhile, on the 1-hour chart, the indicator implies a shift in trading interests.
In order for the pound to recover further, the price must settle above 1.2600 during the day. Otherwise, the recovery phase may be replaced by a sideways range within the boundaries of 1.2500/1.2600.
The complex indicator analysis points to the recovery process in the pound in the short-term and intraday periods.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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