Cable falls to 1.1880 (two-month low) on hawkish message from Powell

Powell says Fed likely needs to raise rates higher and possibly faster

1.1966 was low before Powell testimony (1.2065 was early London high)

Money markets currently see 43% chance of 50 bps Fed hike on March 22

FEDWATCHnL1N35F1JN. Probability was 21% before Powell testimony

GBP/USD bear targets include 1.1842 (Jan 6 low) and 1.1800