Sterling fell 1.1% against the greenback after Britain's economy shrank in April as the cost of living crisis bites.
The decline comes on the back of 40-year high inflation, with price pressures likely to put more strain on a contracting UK economy.
Newcomers must learn the unique language and dynamics of the forex market to beat the odds and become successful currency traders. What is the forex market? Why is it a great market to trade? What is a currency pair and how it is read? What are the major terms and concepts that forex traders need to learn?