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UK on the brink of recession

UK on the brink of recession | 10 November 2023

10 November 2023, GBP/USD

GBPUSD trading plan:

The UK economy flatlined in the third quarter, reducing the risk of a 2023 recession but suggesting Britain is facing a protracted period of stagnation as higher interest rates take their toll. Gross domestic product was unchanged from the second quarter, the Office for National Statistics said. A quarter of stagnation had been predicted by the Bank of England, which expects the economy to register no growth at all next year. Consumer spending, business investment and government spending all fell in the third quarter, leaving the economy underpinned by a better trade performance. That’s a bleak prospect for Prime Minister Rishi Sunak as he gears up for an election expected next year. Polls put the ruling Conservatives on track to lose power to the opposition Labour Party.

Investment idea: sell 1.2250 and take profit 1.2195.

David Johnson
Analyst of «FreshForex» company
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