Sorry I have to compose myself as somebody mentioned one of my least favourite phrases “credit ratings agency”. Dealers say that worries (unfounded as far as I can tell) that ratings agencies may downgrade UK debt is seeing the pound slip across the board. EUR/GBP is up 20 pips so far in Asia and GBP/JPY is down nearly a big figure. These rumours also did the rounds a couple of days ago so treat them as you see fit.