Investing.com - The pound fell against the dollar on Friday amid surging greenback demand stemming from reports that the Standard & Poor's ratings agency was planning to strip France of its top-notch AAA ratings.
GBP/USD hit 1.5298 in afternoon U.S. trading Friday, down 0.23%, up from a session low of 1.5236 and off from a high of 1.5409.
The pair was likely to find support 1.5236, Friday's earlier low, and resistance at 1.5488, Wednesday's high.
Media reports out of Europe have indicated that Standard & Poor's has decided that it will downgrade France.
The news sparked a rally for the dollar, a safe-haven asset class, which resulted in a selloff of the euro as well as the pound in risk-off trading.
Plus U.K. producer prices came in lower than expected, suggesting weaker economic output.
Meanwhile, the pound was up against the euro and down against the yen, with EUR/GBP losing 0.89% to trade at 0.8284 and GBP/JPY falling 0.03% at 117.65.
Later Friday, Chicago Federal Reserve President Charles Evans is set to speak although market will keep a close eye on Europe and possible confirmation of downgrades there.
GBP/USD hit 1.5298 in afternoon U.S. trading Friday, down 0.23%, up from a session low of 1.5236 and off from a high of 1.5409.
The pair was likely to find support 1.5236, Friday's earlier low, and resistance at 1.5488, Wednesday's high.
Media reports out of Europe have indicated that Standard & Poor's has decided that it will downgrade France.
The news sparked a rally for the dollar, a safe-haven asset class, which resulted in a selloff of the euro as well as the pound in risk-off trading.
Plus U.K. producer prices came in lower than expected, suggesting weaker economic output.
Meanwhile, the pound was up against the euro and down against the yen, with EUR/GBP losing 0.89% to trade at 0.8284 and GBP/JPY falling 0.03% at 117.65.
Later Friday, Chicago Federal Reserve President Charles Evans is set to speak although market will keep a close eye on Europe and possible confirmation of downgrades there.