GBP/USD is trading at 1.26587, 0.01% up since previous day close. The range bound trading can be seen in Sterling Pound amid mixed global cues. The U. K’s CPI rate grew by just 3.9% lower than expected rise of 4.3% which weakened the pair to some extent. Globally, the few Fed officials showed suspicious view over rate cuts in the month of March which dragged down the GBP/USD in the previous session. On contrary, the Bank of England (BoE) left an interest rate steady at 5.25% as expected in its last meeting but hinted for further rate hike in upcoming meetings which boosted up the GBP/USD. As seen in the chart, the pair is trading between Fibo level 50.0 & Fibo level 61.8 which indicates an either side breakout.

WTI Oil is trading at $74.63, 0.23% up since previous day close. An upside continued to be seen in Oil prices amid supply disruption after Yemen’s Iran-aligned Houthi militant group attacked the ships in Red Sea. Last week, the dovish Fed monetary stance for the year 2024 led the buying pressure in global commodities. The China’s robust key economic data, PBoC’s stimulus aid offering & leaving Prime Loan rate steady pushed up the prices further as China is a leading consumer of Oil. The U.S is to issue its Energy Information Administration (EIA) report today which will remain in focus for the day. Slight buying bias may be recommended for the day in WTI Oil since it almost crossed short-term Moving Averages of 10 & 20.

JAP225 is trading at 33480.3, 0.28% up since previous close. A sharp rally can be seen in Japanese index against the soft YEN after Bank of Japan (BoJ) left an interest rate steady at -0.10% as expected; signaling for ultra-dovish stance. The Japan’s Trade Balance data showed a fall in imports by 0.41T against the exports which further boosted the JAP225. The few Fed officials showed a suspicious view over rate cut stance in the March 2024 which failed to create any negative impact on JAP225. The Chinese PBoC announced a stimulus package worth $200 billion to boost up the economic conditions which supported the global equity markets last week. As seen in the chart, the index is strongly trading near the major resistance level & hence, buying pressure may be maintained in JAP225.