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Britain was mired in recession?

Britain was mired in recession? | 12 August 2019

12 August 2019, GBP/USD

Britain was mired in recession?

GBPUSD trading plan:

Investment funds have increased short positions on the British currency to the maximum level since April 2017, the CFTC report signals. Negative macroeconomic statistics force traders to sell the pound sterling. Britain's economy has slowed since June 2016's vote to leave the EU, with annual growth rates dropping from more than 2% before the referendum to expand by 1.4% last year. Data showed business investment contracted 0.5% in the second quarter of the year. Manufacturing data was also unexpectedly poor and factory output for the quarter contracted at the fastest rate since early 2009, when Britain was mired in recession.

Trading recommendation: Sell 1.2050 and take profit 1.2005.

David Johnson
Analyst of «FreshForex» company
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