GBP/USD drops hard on the back on the market’s reaction to Fed’s Powell sticking to the script. Bears seeking a break of critical support on a daily time frame. The US dollar is on the rise as US rates continue to move higher after the Federal Reserve chair, Jerome Powell declines to jawbone or pushback on the recent moves in the bond markets. “We monitor a broad range of financial conditions and we think that we are a long way from our goals,” he said. “I would be concerned by disorderly conditions in markets or persistent tightening in financial conditions that threaten the achievement of our goals.” This is not what the market wanted to hear and Treasury yields are spiking with the 10-year yield well above 1.50%, advancing to a high of 1.5470%. The bond market is spooked, so too are US stocks as uncertainty prevails and the markets price up the risk of higher than tolerable inflation. The dollar remains firm as risk appetite takes a hit DXY took out last week’s high near 91.394 and is on track to test the February 5 high near 91.602. A break above that would open risk towards the November 23 high near 92.80 and weigh heavily on the pound. GBP/USD technical analysis The price has been moving sideways this week following the weekly bearish wick, as note din prior analysis, GBP/USD Price Analysis: GBP weaker across the board, focus on downside: It was explained in the analysis that ”the price has met the 78.6% Fibonacci of the last leg of the 5-wave bull trend. This is a firm area of support and until it is broken, there is still the possibility of an upside continuation, if not a period of sideways consolidation. ” We are seeing just that, consolidation. However, it was explained that ”a break of support will open up prospects of a run back to test old weekly resistance that has a confluence with the 61.8% Fibonacci retracement and the 10-week EMA at 1.3745.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Algorand price at risk as momentum shifts back in favor of the bears FX Street 1 year GBP/USD drops hard on the back on the market's reaction to Fed's Powell sticking to the script. Bears seeking a break of critical support on a daily time frame. The US dollar is on the rise as US rates continue to move higher after the Federal Reserve chair, Jerome Powell declines to jawbone or pushback on the recent moves in the bond markets. "We monitor a broad range of financial conditions and we think that we are a long way from our goals," he said. "I would be concerned by disorderly conditions in markets or persistent tightening… 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.