28 August 2023, GBP/USD
GBPUSD trading plan:
The Federal Reserve may need to raise interest rates further to cool still-too-high inflation, Fed Chair Jerome Powell said, promising to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the U.S. economy. While not as hawkish a message as he delivered this time a year ago at the annual Jackson Hole Economic Policy Symposium, Powell's remarks still delivered a punch, with investors now seeing one more rate hike by year-end more likely than not. The Fed has raised rates by 5.25 percentage points since March 2022, and inflation by the Fed's preferred gauge has moved down to 3.3% from its peak of 7% last summer. Although the decline was a "welcome development," Powell said, inflation "remains too high."
Investment idea: sell 1.2620 and take profit 1.2540.
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