Pound Pares Advance as Fitch Puts U.K. on Review For Downgrade

The pound pared a gain against the dollar after Fitch Ratings said it will review the U.K.’s AAA rating, “indicating a heightened probability of a downgrade.”

The U.K. currency was 0.3 percent higher at $1.5218 as of 5:08 p.m. London time, after earlier strengthening as much as 0.5 percent to $1.5246. Sterling weakened 0.3 percent to 85.30 pence per euro.

Fitch plans to complete its review by the end of April, the company said in an e-mailed statement.