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Forex: GBP/USD extends losses after Fitch downgrade

FXstreet.com (Córdoba) - The British pound accelerated losses against the greenback after Fitch agency downgraded UK long-term rating to AA+ from AAA with stable outlook.

GBP/USD, which was already under selling pressure, broke below the 1.5245 support area (20-day SMA) and stretched to a low of 1.5224 before pausing the decline.

At time of writing, GBP/USD is trading around 1.5230/35, where it trades 0.3% below its opening price, having been up 0.6% at one point. Immediate support level is now seen at 1.5200 (psychological level).

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Fitch smashes chances of further Pound recoveries after removing UK from AAA club

Fitch Rating has decided to downgrade the United Kingdom from the perfect AAA credit rating to AA+ as their rating watch conclusions "primarily reflects a weaker economic and fiscal outlook and hence the upward revision to Fitch's medium-term projections for UK budget deficits and government debt."
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