This is a weekly outlook, explaining the key fundamentals driving the markets and the key technical levels to watch in the coming week for US30, Gold, and GBP/JPY.
Author
Vrajeshwari Bhardwaj
SharmaFX
Vrajeshwari Bhardwaj is the founder of SharmaFX, a global trading education and mentorship platform built on an institutional approach to forex, indices, commodities, and crypto markets.
The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.
The US Dollar’s correction motivates EUR/USD to bounce off earlier lows and reclaim the area beyond the 1.1400 hurdle on Wednesday. The pair’s rebound follows the loss of momentum in the Greenback following auspicious news over a final US-Iran deal.
Gold keeps pushing higher and climbs to multi-day peaks north of the $4,100 mark per troy ounce on Wednesday. The precious metal’s marked rebound comes in response to the US Dollar’s knee-jerk, a somewhat less hawkish tone from the Fed’s Warsh and positive headlines from the Middle East.
The number is of much greater importance than usual as the Fed moves away from a forecasting framework and towards a current-data / rebuilding-credibility framework.
The cryptocurrency market trades under intense headwinds on Wednesday, led by Bitcoin’s (BTC) deepening sell-off below $60,000. The Crypto King hovers above $58,000.
When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.
![US30, Gold, and GBP/JPY weekly outlook [Video]](https://editorial.fxstreet.com/images/TechnicalAnalysis/ChartPatterns/Candlesticks/digital-tablet-with-stock-charts-30304744.jpg)
