Nov. 10 (Bloomberg) -- Investors should buy the U.K. pound after it fell today following a statement by Fitch Ratings that the country’s sovereign credit rating is most at risk among top- rated nations, Barclays Capital said.
“We think the sell-off following the Fitch statement offers a buying opportunity,” Paul Robinson, a currency strategist in London at Barclays Capital, said in an investor note. “Fitch stressed after the statement that there were no plans to change the U.K. rating. Other news has been more positive” for the pound, he said, citing reports showing rising house prices and an increase in retail sales.
The pound fell 0.6 percent to $1.6651 as of 9:11 a.m. in London after earlier dropping as much as 0.9 percent.
