GBP/USD in tight range as UK records worst contraction on record

The GBP/USD pair is in tight range even after the Office of National Statistics (ONS) released weak economic data from the UK. The pair is trading at 1.3050, which is slightly below this month’s high of 1.3200. UK economy had worst contraction ever The UK has been affected significantly by the coronavirus pandemic. According to Worldometer, the country has recorded more than 312,780 cases and more than 46K deaths. This makes it among the worst-affected countries in the world. A number has now been put to the economic damage. According to the Office of National Statistics (ONS), the economy contracted