friday's stage set

Its unbelievable that S&Ps possible downgrade of UK credit rating has had virtually no effect on the GPB/USD, the initial fall at release of the news was accordingly solid move down but it has recovered all of its loss as of now (8 hours later.) It just shows me that the USD is very very weak at the moment. Despite the pound not being spooked the market definitely is, and reading around on the net the euphoria of the rally is wearing off quickly with bearish sentiment creeping its way into a few analysts that were bullish. A few of the pros on this thread were saying sideways until the market decides what it wants to do, perhaps it has now?