forex trading

Sterling Takes Heavy Losses as UK Falls Back into Recession

THE TAKEAWAY: Negative UK GDP growth in Q1 2012 -> Sterling under pressure as data diminishes confidence Great Britain’s Gross Domestic Product contracted in the first quarter, pushing the UK into its first double-dip recession since the 1970s. The report is expected to increase pressure on UK officials, most important PM David Cameron who has faced criticism for promoting austerity instead of government stimulus.

Trend Analysis Generates EURGBP Entries

The EURGBP continues to have a strong April moving steadily in a downtrend. Through today’s trading, the pair has moved as much as 214 pips lower from its monthly high at .8357.