Unemployment in the UK in January-March 2020 unexpectedly amounted to 3.9%. Statistics for the first three months of the year do not take into account the impact of the coronavirus pandemic. it should be borne in mind that the first month in which the restrictions were in effect for 30 days was April, and it is not included in the calculation of the data provided.
Recall, it was previously reported that the Central Bank of England predicts the largest economic slowdown for the first time in more than 300 years. According to forecasts of the Bank of England, the British economy will shrink by 25% in three months, and unemployment will reach more than 9%. We believe that this negative scenario will only partially be fulfilled, which will put moderate pressure on the GBPUSD currency pair in the second quarter.