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Powell delivered the pledge of "powerful support"

Powell delivered the pledge of "powerful support" | 16 July 2021

16 July 2021, GBP/USD

GBPUSD trading plan:

Powell delivered the same pledge of "powerful support" to complete the U.S. economic recovery as he did before the House Financial Services Committee, an indication he sees no need to rush the withdrawal of support from the economy because of a recent jump in inflation. If inflation takes root it might require more aggressive action by the Fed in the form of higher interest rates, derailing the very recovery the central bank aims to encourage. "We are experiencing a big uptick...Night and day we are thinking about that and asking ourselves if we have the right frame of reference," Powell acknowledged. But overall he said the prices that are rising, such as for used cars, "have a story" related to the pandemic reopening and are "more idiosyncratic than broad."

Investment idea: range 1.3780 -1.3850.

David Johnson
Analyst of «FreshForex» company
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