Data from the UK confirms policymakers’ economic fears, pushing the GBP/USD lower. The UK GDP for Q1 2022 fell to 0.8% vs 1.0% forecast, with the monthly indicator turning negative. The strength of the US dollar on the risk aversion wave is also exerting downward pressure. After disappointing UK data early Thursday morning in Europe, the GBP/USD price is being offered to hit 24-month lows near 1.2185. A risk-averse mood and data frustration also afflict the cable pair. –Are you interested in learning more about STP brokers? Check our detailed guide- GBP/USD prices are drowning after UK GDP opening figures for Q1 2022 fell to 0.8% q/q, 1.0% below forecast, while a negative monthly report of -0.1% in March, as opposed to +0.1%, initially expected, is attracting a lot of attention. Moreover, the UK GDP for March and industrial and manufacturing production disappoint cable traders, contributing to the bearish mood. The Bank of England (BOE) recently raised concerns about a recession and prompted broader risk sentiment at its last meeting. A monthly negative GDP could spur market participants to switch to risk protection more quickly, which would fuel demand for the US dollar, which has stronger fundamentals than the UK. In addition to economic worries, Brexit concerns are also weighing on the GBP/USD, Bloomberg reports, as the European Union (EU) has indicated willingness to suspend trade deals with the UK if it unilaterally withdraws from the Northern Ireland Protocol (NIP). Furthermore, the recent victory of pro-European Sien Finn in Ireland’s election has exacerbated the Brexit issue. What’s next to watch? Markets are buying the US dollar due to concerns about the Coronavirus and lower yields, which is pushing them to wait for a 70-basis point rate hike from the Fed after strong inflation in the US. Therefore, the GBP/USD is likely to decline further, even as the bears await the US Producer Price Index (PPI), which is expected to be 10.7% y/y instead of 11.2%. Get FREE Forex Signals Now! GBP/USD price technical analysis: Bears eying 1.2000 The GBP/USD pair remains strongly bearish on the 4-hour chart. A strong down bar with high volume broke the 1.2300 level and triggered a sell-off. Now the pair has broken the 1.2200 level as well. The next target is 1.2000 psychological support. –Are you interested in learning more about making money with forex? Check our detailed guide- The key moving averages on the chart are lying well above the price, indicating strong bearish momentum. There is no hope for the buyers unless we see a pause in the trend and consolidation followed by a breakout. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/CAD Price Testing YTD Highs as Oil Slips, USD Firms up Saqib Iqbal 1 week Data from the UK confirms policymakers' economic fears, pushing the GBP/USD lower. The UK GDP for Q1 2022 fell to 0.8% vs 1.0% forecast, with the monthly indicator turning negative. The strength of the US dollar on the risk aversion wave is also exerting downward pressure. After disappointing UK data early Thursday morning in Europe, the GBP/USD price is being offered to hit 24-month lows near 1.2185. A risk-averse mood and data frustration also afflict the cable pair. -Are you interested in learning more about STP brokers? Check our detailed guide- GBP/USD prices are drowning after UK GDP opening figures… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.