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UK on the brink of recession?

UK on the brink of recession? | 24 October 2023

24 October 2023, GBP/USD

UK on the brink of recession?

GBPUSD trading plan:

British retail sales fell more than expected in September as shoppers avoided buying autumn clothing during unseasonably warm weather, against a backdrop of broader cost of living pressures that could see the economy shrink overall in the third quarter. Over the third quarter as a whole, sales volumes fell 0.8% - the biggest drop since the three months to the end of February, and one exacerbated by an unusually wet July which upset normal summer spending patterns. British households have faced a cost-of-living squeeze over the past two years due to supply-chain difficulties and labour shortages after the COVID-19 pandemic.

Investment idea: sell 1.2295 and take profit 1.2200.

David Johnson
Analyst of «FreshForex» company
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