The British pound is down 50 pips against the US dollar in the first 2 hours of trading during the Asian session.

According to bloomberg, Sky News has reported that:

Moody's Investors Service is to place 14 of the 18 British banks and building societies it covers on review for downgrade, Sky News reported, citing people close to Moody's.  The agency will make the announcement tomorrow and more than one of the big four U.K. banks will be placed on review, including Lloyds Banking Group PLC (LLOY), Sky said.

The following is a 5min. GBP/USD chart:

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Source: FXCM