GBP/USD slipped 0.3% lower to US$1.24 in early trade and has retained those losses across the morning session. The Pound slipped as investors weighed up the impact of a ratings cut by Fitch late on Friday. The ratings agency cited the coronavirus impact and uncertainty over Brexit as the motive for cutting the UK’s rating from AA to AA-. Fitch predicted that UK GDP would drop 4% this year owing to the pandemic related downturn. The rating agency was also concerned about the UK’s fiscal loosening stance amid its big spending plans to shore up the economy. What next? Whilst the UK remains firmly on lock down, ... (full story)