The British pound gives up all of its gains after news that UK PM Boris Johnson worsened and was moved to the intensive care unit. After testing positive 11 days ago, Johnson has been unable to shake off his fever and cough. Foreign Secretary Dominic Raab was asked to deputize for Johnson when necessary.
Almost 5,000 people have died from the coronavirus in the UK, with the peak expected over the next 10 days.
The British pound plummeted as it is unclear what the emergency succession plan would be for the prime minister. Markets hate uncertainty and this does not bode well for further steps in battling COVID-19 and for future Brexit trade negotiations. Cable remains very vulnerable here and may not find major support until the 1.2000 level.