08 March 2023, GBP/USD
GBPUSD trading plan:
Powell, in the first of two days of testimony to Congress, earlier had bemoaned the "partial reversal" of the progress Fed officials thought they had seen in inflation coming down through the end of last year. A raft of data covering January released over the course of last month, including reports showing more than half a million new jobs, robust consumer spending and stronger-than-expected readings of inflation, showed the economy may not be slowing to the degree Fed officials believe is needed to bring inflation down to its targeted level of 2% annually. Powell said the Fed would be prepared to increase the pace of rate hikes if the "totality" of incoming data ahead of the Fed's next rate-setting meeting in two weeks "indicate that faster tightening is warranted."
Investment idea: sell 1.1870 and take profit 1.1800.
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