GBP/USD is trading in a bear trend below its main daily simple moving averages (DSMAs). The market has tested Tuesday’s highs after dovish remarks from Fed’s Powell. "June employment report did not fundamentally change Fed's economic outlook." "We had some reasonably good U.S. economic news." "Discussions with China on trade are a good sign but do not fully remove uncertainty."He said that he would not resign from his position if President Donald Trump were to ask him to do so.
The US Dollar Index, which dropped to a daily low of 97.10 on the cautious tone seen in Powell's prepared remarks, was last seen down 0.33% on the day at 97.18. Below are some key quotes, per Reuters.