GBP/USD is trading at 1.28501, 0.06% down since previous day close. The tight range can be seen in Sterling Pound amid mixed global cues. Also, the traders remain cautious ahead of Bank of England (BoE) meeting which is to be scheduled in this week; with a hope of 25bps rate hike stance. Last week, the soft USD amid ECB’s 25bps interest rate hike move & BoJ’s future dovish monetary stance led other currencies to trade on positive note. The result of U.K.’s Mortgage Approvals & Net Lending to Individuals data will remain into focus for the day. As seen in the chart, the pair GBP/USD is trading near lower trend-line of channel pattern indicating make-or-break situation & hence, the sideways momentum can be seen for the day.

CHNIND is trading at 6985, 0.18% up since previous day close. The Chinese shares showed a strong upside despite mixed release of PMI figures. The Manufacturing PMI rose to 49.3 from 49.0 in the prior month whereas the Non-Manufacturing PMI fell to 51.5 from 53.2. The effect has been outweighed by optimism looming over chances of more stimulus measures to be offered to Beijing in order to boost the economic growth. On global front, the expected hawkish stance from ECB & Fed & BoJ’s futuristic dovish monetary stance made the world indices to trade on higher side. Buying on lower levels may be suggested for the day in CHNIND since an index successfully crossed over upper converging trend-line which indicates further buying pressure if sustained.

WTI Oil is trading at $80.25, 0.29% up since previous day close. The Oil prices seems to be trading flat to higher side as China shows progressive talks over stimulus measures in order to support an economy. This may support the Oil prices since China is a major Oil consuming country. Globally, the FOMC raised an interest rate by 25 bps as expected & stated for lower likelihood of recession hitting the U.S economy which further pushed up the prices. The Saudi Arabia & Russia’s Oil output cut for the month of August remains supportive for Oil prices. Buying bias may be recommended for the day in WTI Oil since the commodity is expected to test long-term MA (100) if upside prevailed further.