GBP/USD Price Analysis: Bulls await a discount in probable daily continuation

GBP/USD bulls are in charge following Fed's interest rate decision.
A correction, however, is on the cards prior to upside continuation.

Ross J Burland FXStreet

GBP/USD shot higher following the Federal Reserve on Wednesday with the dollar printing fresh cycle lows vs a basket of currencies.

The DXY index hit 90.5530.

As per the prior analysis, GBP/USD Price Analysis: All eyes on 4-hour resistance, cable is on the verge of a daily continuation following a correction of the prior daily bullish impulse.

However, if the entry opportunity was missed, bulls that were late to the opportunity would be prudent to wait for a discount which is a high probability given the market structure on both the daily and 40hour time frames as follows:

Prior analysis 1, 4-hour & daily charts

''...if the price breaks 4-hour resistance then the bulls will be in play for a daily upside continuation:''

Prior analysis 2, 4-hour chart

Live market, daily and 4-hour charts

Daily chart

4-hour chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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