Negative macroeconomic statistics from the UK | 22 May 2020

GBPUSD trading plan:

Negative macroeconomic statistics from the UK force investors to increase their short positions in the British currency. GfK, a polling firm, said its consumer confidence index - which it is now publishing every two weeks - slipped to -34 in the May 1-14 period from -33 during the second half of April. "Consumer confidence remains battered and bruised despite efforts at loosening the COVID-19 restrictions," GfK's client strategy director Joe Staton said. "With unemployment claims rising by the highest rate on record and warnings of a severe recession and possible tax hikes, the damage done by the coronavirus pandemic to the UK economic landscape has been laid bare," Joe Staton said.

Trading recommendation: Sell 1.2182 and take profit 1.2140.