Breaking: GBP/USD collapses below 1.32 on contagious covid strain

GBP/USD has collapsed below 1.32, down some 320 pips on the day. The new covid strain circulating in London is causing a massive sell-off amid European travel bans and potential supply-chain issues ahead of Christmas. 

UK Prime Minister has convened an emergency meeting of the Cobra cabinet to discuss the rapidly deteriorating situation. 

-- more to come