GBPUSD spikes higher and retests the 50% and the falling 100 hour MA | Forexlive

The GBPUSD is joining the dollar selling also the news that Trump is set to fire Fed chair Powell. The low price for the day reached into a swing area between 1.33607 and 1.33784.

The news has helped to push the price up sharply higher and up toward the 50% midpoint of the move higher from the May 2024 low to the high price reached on July 1, and the 100 hour moving average. Both those levels come near 1.3464. Move and stay above those levels would open the door for further upside momentum.

The New York Times is now reporting that Trump has drafted a letter to chair Powell. He apparently showed the letter to around a dozen GOP members in the White House late yesterday.

The yield curve is steepening with the 2-year yield down -8.6 basis point at 3872%. The 30-year yield is back above 5% at 5.055% up 4.0 basis points.

US stocks are not taking the news that well – at least initially. The NASDAQ index is down -89 points or -0.44%. The S&P index is down -26 points or -0.41%.

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