GBP/USD is trading at 1.23866, 0.02% down since previous day close. The Pound seems to be trading on lower side against the mixed USD ahead of the U.S FOMC meeting which is to be concluded today with a hope of unchanged monetary outlook. Also, the focus will be on U. K’s CPI rate result due today. Last week, the country issued its GDP rate which fell by 0.5% against the expected fall of 0.2%. The Bank of England (BoE) is to hold its meeting on Thursday with an expectation of 25 bps rate hike stance. As seen in the chart, the pair slid down below long-term Moving Averages of period 100 & 200 & may test the lower levels of previous lows which acts as a next support level. Slight selling bias may be recommended for the day in GBP/USD.

JAP225 is trading at 32856.3, 0.09% down since previous close. The slight selling pressure can be seen in Japanese shares as other global peers moved down ahead of the US FOMC meeting outcome which is due today. Also, the traders will be eyeing upcoming BoJ meet which is to be held on Friday with a hope of rate hike & ending the negative rate cycle. In Japan, the Trade Balance data showed a fall in surplus by 0.56T against the expected fall of 0.44T which slightly lowered down the JAP225. The result of PMI figures will remain in focus for the day. As seen in the chart, the index is firmly trading near the MA (10) & MA (20) which signals for a breakdown if breached or a reversal if sustained. Wait & watch strategy may be adopted for the day.

WTI Oil is trading at $89.70, 0.12% down since previous day close. The Oil prices retreated on Wednesday against the firm USD ahead of the FOMC meeting which is to be concluded today with an expectation of no change in monetary outlook.  This outweighs the positive effect arising out of U.S American Petroleum Institute (API) estimates. The report showed a fall in Oil stocks level by 5.250 mbpd against the expected fall of 2.667 mbpd. The supply cuts from Saudi Arabia & Russia will remain significant for the prices in long-run. As seen in the weekly chart, the Oil is trading near major resistance of previous highs & hence, either side breakout can be seen on an intraday basis.