18 February 2021, GBP/USD
GBPUSD trading plan:
The FED manager discussed conditions in funding markets. The overnight secured and unsecured rates were little changed at rates just below the interest on excess reserves rate even as financial firms managed their balance sheets for the reporting date. Going forward, reserves were projected to rise rapidly through the summer, reflecting ongoing Federal Reserve asset purchases as well as expected declines in balances held in the Treasury General Account. Market pricing suggested that the effective federal funds rate was expected to decline modestly through the second quarter. Even if more notable downward pressure on money market rates emerged, the manager anticipated that the Federal Reserve's tools, including the IOER rate and overnight reverse repurchase agreement facility, would continue to provide effective control over the federal funds rate and other overnight money market rates.
Investment idea: Buy 1.3860 and take profit 1.3940.
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