GBPUSD moves toward its 100 hour moving average and swing area

The GBPUSD has moved back to the upside helped by a much weaker ISM nonmanufacturing index. The move higher has taken the price of the GBPUSD, through the 38.2% and the earlier session high at 1.19346.

The run to the upside has also seen the 100 hour MA tested and now broken at 1.19914. There is a swing area between 1.19913 and 1.20102 and above that, the following 200 hour moving average at 1.20107. The 200 day moving averages at 1.20216. All levels would need to be broken and stay broken to increase the bullish bias.

The ISM nonmanufacturing Index fell below the 50 level at 49.6. The expectations was 55.0. Last month the index came in at 56.5. The US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term has moved sharply lower as a result. Yields of also tumbled with the two year yield now down -14.3 basis points at 4.307%. The 10 year yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term is down -10.3 basis points to 3.619%

US stocks have reacted positively with the Dow Industrial Average now of 352 points or 1.08%. The NASDAQ index is up 82.20.8 percent and the S&P is up 39 points or 1.04%.

Meanwhile Feds Bostic has reiterated that he expects rates to remain steady until "well into 2024". That is the 2nd fed official to use those exact words (Esther George said the same yesterday).