British pound drops below $1.30 for first time since Nov. 2020

The British pound GBPUSD, -0.31% fell below $1.30 on Friday, trading at the lowest level since November 2020. The U.K. currency has been pressured as the Bank of England, despite being further along with rate increases than the U.S. Federal Reserve, has expressed caution about how high it can take rates. The U.K. currency also has been correlated with U.S. equities, and the S&P 500 has dropped about 6% this year and opened lower on Friday.