UK comes in negative in Q1 unexpectedly. The nation had just recovered from a recession, therefore this puts the UK into a double-dip recession. The British Pound declined most in two month on the news. It entered the 1.60 area but it regained momentum and currently trading between 1.6080 – 1.6169.
4 candles are going against the initial reaction to the recession news, putting us in doubt as whether to short or long GBPUSD. As the pair is currently entering the Ichimoku cloud, we might see a sideways movement on an hourly basis.
By Kiana Danial at Forex Diva