The UK economy shrank by 0.4% in April, the biggest narrowing since March 2016, according to the Office for National Statistics (ONS) figures on Monday. The predictions were pointing 0.1% decline. Three-month growth in April was also weak, posted at 0.3% compared to 0.5% in the previous month. The fell in car production is showed as the main reason behind the sharper contraction than estimates as Brexit slashed U.K. car production in April by nearly half. Following the data, GBP/USD briefly dipped below $1.27 following the release of the figures, but later recovered slightly.