U.S. Dollar Index tested new lows as traders focused on Trump’s efforts to remove Fed Chair Powell. In addition, it looks that foreign investors sell U.S. assets due to trade wars, which is bearish for U.S. dollar.
Currently, U.S. Dollar Index is trying to settle back above the 98.50 level. In case this attempt is successful, it will head towards the nearest resistance level at 98.80 – 99.00.
GBP/USD moved higher as traders worried about Fed’s independence. From the technical point of view, GBP/USD faced resistance at 1.3400 – 1.3420 as traders have started to take profits off the table after the strong move.
In case GBP/USD declines below the 1.3350 level, it will head towards the nearest support at 1.3300 – 1.3320.
GBP/USD 220425 4h Chart
