FxAnalysis

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After falling to a fresh eight-day low near 1.3460 in the Asian session on Wednesday, GBP/USD recovered to the 1.3500 area in the European trading hours. The pair’s technical outlook, however, doesn’t yet offer any convincing signs of an extended recovery.

EUR/USD struggles to gain traction and trades slightly below 1.1650 in the European session on Wednesday after posting small losses on Tuesday.

The AUD/USD pair prolongs its weekly downtrend for the third straight day – also marking the fourth day of a negative move in the previous five – and drops to a three-week low on Wednesday.

Gold is flirting with three-week lows near $3,300 in Wednesday’s Asian trading as the US Dollar (USD) clings to the previous upswing, bracing for the Federal Reserve (Fed) Minutes later in the day and Friday’s speech by Chair Jerome Powell at the Jackson Hole Economic Symposium.

USD/BRL trades near 5.5000 with short-term volatility expected ahead of Fed commentary, as support sits at 5.4930 and resistance at 5.5040.