GBP/USD is trading at 1.20536, 0.09% up since previous day close. The Sterling Pound rebounded with high trading volume after U.K struck a new trade deal with European Union (EU), which brightened the outlook for the post-Brexit economy. Also, the traders & investors are seem to be digesting the higher rate hike fear in Fed’s next meeting as hinted in recent FOMC Minutes; made the major currencies to recover from lower levels. The focus will be on U.K’s MPC members’ speech which is to be released today. As seen in the chart, the pair seems to be forming double bottom at previous lows & if sustained the same, a strong reversal can be noticed on daily basis. Slight buying bias may be recommended for the day.

Silver is trading at $20.633, 0.08% up since previous close. The softening US Dollar Index in early trade on Tuesday amid improving markets sentiments from hawkish Fed fear led slight buying pressure in precious metals. Earlier, the Silver soared down to three-month lows after FOMC Minutes hinted for higher interest rate hike chances in the next Fed meeting. Besides this, the better PMI figures strengthened the USD & led selling pressure in precious metals. However, the long term trend in precious metals may remain intact as economic conditions in China seem to be improving. Wait & watch strategy may be build up in Silver since the commodity is hovering near Fibo level 61.8.

US100 is trading at 12115.3, 0.09% up since previous close. The U.S markets gained in early trade on Tuesday as USD seems to be turning lower from its few weeks’ gains as traders are digesting the negative effect of higher chances of rate hikes in Fed’s meet. Besides this, the U.K signed a new trade deal with EU which may improve trading relations between both the economies post-Brexit. The U.S Core Durable Goods Orders showed a rise of 0.7% against the previous figure -0.2% while the focus will be on the outcome of CB Consumer Confidence data today. As seen in the chart, the US100 is trading near Fibo level 38.2 & also, seems to be taking a support of MA (200). If sustained, a strong reversal can be noticed & hence, buying bias may be recommended further.