GBP/USD is trading at 1.21209, 0.01% down since previous day close. The limited trading can be seen in GBP/USD as traders are looking forward to the Bank of England (BoE) meeting which is to be held later in this week. Globally, the strong USD & higher U.S bond yields ahead of the U.S FOMC meeting with an uncertain monetary outlook subdued the other basket of currencies. The result of Money Supply & Net Lending to Individuals data will remain in focus for the day. As seen in the chart, the pair is trading near major support of multiple previous lows which indicates a breakdown if breached otherwise a reversal can be noticed. Wait & watch strategy may be recommended for the day in USD/CAD.

JAP225 is trading at 30596.3, 0.06% down since previous close. The selling pressure can be seen in JAP225 as traders remain cautious ahead of Bank of Japan (BoJ) meeting which will focus on interest rate change decision.  On global front, the strong USD & higher U.S bond yields ahead of the U.S Fed meeting which is to be held in this week made the equity markets weaker. Also, the focus remains on rising tension between Middle East regions. The result of Japan’s Prelim Industrial Production & Retail Sales data will remain in focus for the day. As seen in the chart, the index JAP225 is hovering near the cluster support of multiple lows which signals for a reversal if sustained. Sideways trading can be recommended for the day in UK100.

Gold is trading at $2001.44, 0.31% up since previous close. An upside extended in gold prices against the mixed USD & steady bond yields ahead of the U.S FOMC meeting which is to be held in this week with a focus on interest rate decision. Also, the tension looms over Israel & Hamas geo-political conflicts which further cushioned the prices; for Gold is a safe haven instrument. Last week, the China announced to issue government bonds worth 1 trillion yuan to support the infrastructural development which might raise consumption demand of metals. As seen in the chart, the gold is heading towards higher levels of previous highs & hence, buying pressure can be recommended further.