Investors are still digesting the news of Liz Truss’ resignation. Truss’s administration destroyed UK’s reputation for financial stability. The dollar is edging higher on rising Treasury yields. Today’s GBP/USD outlook is bearish. The British pound dipped on Friday as traders processed Liz Truss stepped down only in six weeks office. Following Truss’ resignation announcement in the previous session, there was a brief surge to a high of $1.1338. -Are you looking for the best AI Trading Brokers? Check our detailed guide- “I think that was a knee-jerk reaction to at least a temporary easing of UK political uncertainty… I think markets, for now, are pretty happy about the news,” said Carol Kong, currency strategist at the Commonwealth Bank of Australia (CBA). “But the news that we heard only removed some, but not all, of the political uncertainty in the UK economy, and we’ll still hear more on the fiscal policy front at the end of this month.” Truss’s downfall was caused by an economic plan that rocked the markets and destroyed the nation’s credibility in the markets. The Conservative Party will choose Britain’s fifth prime minister in six years by October 28. Also weighing on the pair was the dollar, which strengthened against a basket of currencies due to rising Treasury yields. Federal Reserve Bank of Philadelphia President Patrick Harker stated that the central bank would continue to raise its short-term rate target amid extremely high inflation. It shows that Fed officials are not backing down from their hawkish stance. GBP/USD key events today Investors are expecting retail sales data from the UK. Retail Sales track changes in the total number of sales adjusted for inflation at the retail level. It is the most important gauge of consumer spending, which drives all other forms of economic activity. Get FREE Forex Signals Now! GBP/USD technical outlook: Imminent fall as the 30-SMA poses a big resistance challenge Looking at the 4-hour chart, we see the price trading below the 30-SMA and the RSI below 50, showing bears are ahead. Bulls attempted to take over when they pushed the price to the 30-SMA and slightly above. However, the SMA held as resistance, pushing the price back below. -Are you looking for the best MT5 Brokers? Check our detailed guide- Bears have currently returned and look set to take the price lower. The bearish bias will become stronger if the price breaks below the 1.1150 support level, as it will start making lower lows and possibly lower highs. However, the price might retest at 1.1401 if it fails a break below 1.1150. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/CHF Price Analysis: Dollar Bulls Return on Fed’s Hawkish Remarks Saqib Iqbal 1 month Investors are still digesting the news of Liz Truss' resignation. Truss's administration destroyed UK's reputation for financial stability. The dollar is edging higher on rising Treasury yields. Today's GBP/USD outlook is bearish. The British pound dipped on Friday as traders processed Liz Truss stepped down only in six weeks office. Following Truss' resignation announcement in the previous session, there was a brief surge to a high of $1.1338. -Are you looking for the best AI Trading Brokers? Check our detailed guide- "I think that was a knee-jerk reaction to at least a temporary easing of UK political uncertainty... I think… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.