Traders await the Fed chairman's speech | 09 November 2023

GBPUSD trading plan:

Powell on Wednesday did not comment on monetary policy in opening remarks at the U.S. central bank statistics conference, but is scheduled to speak at another conference on Thursday with traders ready to scrutinise every word. U.S. Federal Reserve Bank of Philadelphia President Patrick Harker at yet another event said the Fed's recent decision to hold rates steady was the right choice, and cautioned market participants to not get ahead of themselves. The Fed will keep rates elevated for too long and push the economy into recession. Some Fed officials last month said rising yields could substitute for further rate hikes by the central bank as they tightened financial conditions.

Investment idea: range 1.2240 -1.2340.