Sterling expected to slide further after UK downgrade
Foreign exchange traders are positioning themselves for further sterling weakness after the pound hit fresh lows against the dollar this week on the back of the downgrade of the UK's AAA rating by Moody's on February 22.
Sterling has fallen dramatically this year, with GBP/USD trading at a multi-year low of 1.5017 earlier today, having opened the year at 1.63 on January 1, according to data from Thomson Reuters.
"The market was fairly well-positioned going into the downgrade so we have seen a
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