GBP/USD Price Analysis: Bulls on the look out for the next discount

GBP/USD bulls reaching up to the daily resistance.
Bulls will be monitoring for a slow down in the hourly bearish correction.

Ross J Burland FXStreet

GBP/USD rallied to a fresh hourly high son Wednesday following a sell-off in the greenback on the back of a less hawkish outcome at the Federal Reserve's meeting in January.

The minutes of the meeting did not underscore the possibility of a 50bps hike at the March meeting which knocked some wind out of the US dollar and yields. Meanwhile, the following illustrates the market structure from an hourly, 15-minute and daily perspective:

GBP/USD H1 chart

GBP/USD M15 chart

There are some 15-min structures that have taken shape, potentially offering support as illustrated above with the bias to the upside should the levels hold up.

GBP/USD daily chart

Meanwhile, the daily outlook is somewhat trapped around 1.3520 and 1.3650 from which scapers will be able to lean against as boundaries to trade within for the forth coming sessions.

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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