Tumbling sterling brings a warning of $1.20 rate

Daily Mail

"The pound dived to a 23-year low of $1.3503 after GDP figures showed the British economy shrank by a worse than expected 1.5 per cent in the last quarter. Sterling also hit a low against the Japanese yen of 118.90 yen, a level not seen since 1971 when fixed exchange rates ended. The beleaguered British currency was trading down 0.28 of a cent against the euro at €1.0632."