GBP/USD (a 4-hour chart)
UK economy narrowly avoided the third wave of a recession after the 1st quarter of this year and it was able to slightly increase.
According to National Institute of Economic and Social Research estimations the UK GDP grew by 0.1% in the 1st quarter.
According to the official data GDP declined by 0.3% in the last quarter of 2012, as the result there was the risk of the third recession in five years.
UK National Bureau of Statistics/ONS/ will publish the first estimate of GDP growth in the 1st quarter on April 25.
Total production in the industrial sector grew by 1% in comparison to the previous month, including through the revival of production in the mining and recovery of oil and gas in the North Sea after a few large oil field production has been shut down for several months.