15 May 2023, GBP/USD
GBPUSD trading plan:
Britain's economy grew sluggishly in early 2023, better than the shallow recession once expected, but an unexpectedly sharp drop in output in March underscored how fragile its recovery remains. Gross domestic product edged up 0.1% in the first three months of the year; official data showed. Widespread industrial action also weighed on economic activity in the first quarter, the statistics office said. The central bank forecasts the economy will grow 0.25% in 2023 as a whole - a weak expansion though an upgrade on its prediction earlier this year of a 0.5% contraction. Finance minister Jeremy Hunt said data showed "growth is picking up much faster than anyone thought possible" but the government needed to "stay focused on competitive taxes, labour supply and productivity".
Investment idea: buy 1.2445 and take profit 1.2550.
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