GBP/USD bounces off lows, trades with modest losses just below 1.3900, and witnessed some selling on Wednesday, albeit showed some resilience at lower levels. The formation of a symmetrical triangle points to indecision over the pair’s near-term trajectory. EUR/USD has been drifting lower as the dollar gains ahead of the Federal Reserve’s decision. The dollar index was 0.2% higher at 91.050, bouncing from Monday’s low of 90.679, its lowest level since March 3. USD/JPY rose 0.3% to 109.00, extending its recovery from a seven-week low of 107.48 touched last week, with the yen on the back foot as Japan’s economic recovery is hampered by lockdowns across its most populous prefectures. The risk-sensitive AUD/USD fell 0.3% to 0.7741 after Australia’s consumer price index data, released earlier in the day, missed forecasts, rising 0.6% quarter-on-quarter and 1.1% year-on-year respectively during the first quarter of 2021. The dollar’s recent decline has been largely based on the market starting to believe that the Federal Reserve will look through rises in inflation and delay future policy tightening even as the U.S. economy rapidly recovers. With this in mind, attention now turns to the conclusion of the Federal Reserve’s two-day policy-setting meeting later Wednesday, and in particular the accompanying comments from Fed Chairman Jerome Powell given the U.S. central bank is widely expected to maintain its policy settings.