GBP/USD is trading at 1.27566, 0.19% down since previous day close. The Sterling Pound seems to be trading weaker on Wednesday as the traders wait for the U.S Fed Chair Jerome Powell testifying speech in front of Congress; giving more cues towards monetary decisions. The China’s modest rate cut in recent PBoC meet affected the market sentiments & so, to the currencies. The trend in GBP/USD widely depends upon the result of Bank of England (BoE) meeting which is to be held on Thursday with an expectation of 25bps rate hike stance. As seen in the chart, the pair is trading above the short-term Moving Averages of period 10 & 20 & the pair is hovering near Fibo Expansion level of 61.8 which acts as a resistance level. Slight selling bias may be noticed for the day in GBP/USD.

US30 is trading at 34349.3, 0.24% down since previous close. The U.S markets slid down on Wednesday ahead of the FOMC Chair Jerome Powell speech due today with a focus on future monetary move. On Tuesday, the China’s PBoC meet which dragged down the global markets. Last week, the index surged up post FOMC meeting wherein although an interest rate was left unchanged as expected yet the Fed Chair Jerome Powell hinted for two smaller rate hikes later in this year. The better U.S Housing data failed to show any support to U.S markets. Upcoming Fed officials’ speech will remain in focus for the day. As seen in the chart, although an index retraced down till MA (10); yet it is trading within the bullish channel pattern. The cautious trading may be recommended for the day.

Gold is trading at $1936.86, 0.26% down since previous close. The losses seem to be extended in Gold on Wednesday ahead of the Fed officials’ speech & FOMC Chair Powell testifying speech due today. Other than this, the China’s PBoC cuts down its Prime Lending Rate (PLR) by 10 bps lower than expectation which dragged down the prices; for China is a major consumer of metals. Last week, the BoJ’s stance of leaving interest rate unchanged, ECB’s move of raising interest rate by 25bps while the Fed’s hint for two more rate hikes in this year made Gold to trade in a mixed momentum. As seen in the chart, the Gold again slipped down to cluster lows & hence, the cautious trading may be recommended.