Above: GBP/USD breaks below a key fibonacci support level.

Another unforced error by UK Chancellor Reeves and a stock market drawdown are behind the move.

The pound to dollar exchange rate (GBP/USD) is at risk of sliding below 1.30 in the near-term, warn analysts.

An extension of the broader U.S. dollar rally is driving part of the GBP/USD move, with analysts saying the dollar is in demand owing to a deterioration in global investor confidence.

Investors are selling, and U.S. stock markets look set to retreat further from recent record levels today owing to concerns about rich valuations and a paring back in Federal Reserve interest rate expectations.

"A broad risk-off sentiment at the start of the day also supported the greenback, as market participants express growing concerns over

See Full Page