GBP/USD Sinks Below $1.15 To 1980s Lows

The British pound is trading at the 35-year low against the dollar after depreciating 10% this month. Ten days ago, the pair was trading above the $1.30 mark on the concerns about the national economy amid the coronavirus outbreak.

Today’s fall of 4% is especially surprising given that the UK’s Chancellor Sunak unveiled a £350 billion worth plan of measures to support the falling economy.

A break of $1.20 triggered a large sell-off that resulted in today’s low of $1.1447, seen last time in 1985. The $1.12 mark is the next support for the troubled bulls.