14 Juni 2022, GBP/USD
GBPUSD trading plan:
Britain's economy unexpectedly shrank in April, official figures showed, adding to fears of a sharp slowdown just three days before the Bank of England announces the scale of its latest interest rate response to the surge in inflation. Gross domestic product contracted by 0.3% after falling by 0.1% in March, the first back-to-back declines since April and March 2020, at the start of the coronavirus pandemic. Many firms said increases in the cost of production had affected their business, the ONS said. Last week, however, the Organisation for Economic Co-operation and Development said Britain's economy would show no growth next year, the weakest forecast for 2023 of any country in the Group of 20 with the exception of sanctions-hit Russia.
Investment idea: sell 1.2224 and take profit 1.2161.
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