Britain is on course to enter a recession | 12 May 2022

GBPUSD trading plan:

Britain is on course to enter a technical recession in the second half of this year and faces a big hit to living standards from surging prices, The National Institute of Economic and Social Research said. NIESR forecast gross domestic product will fall by 0.2% in the third quarter and 0.4% in the last three months of the year. NIESR said the downturn would not count as a recession on its preferred definition - similar to that used by the United States' National Bureau of Economic Research - which requires a more sustained contraction. NIESR estimated around 1.5 million British households - about 5% of the total - would soon face bills for food and energy which exceed their disposable income after housing costs.

Investment idea: sell 1.2244 and take profit 1.2190.