• GBP/USD bulls could start to engage at a discount. 
  • Bulls will be looking for a break into fresh highs on the daily chart.

As per the prior analysis, GBP/USD Price Analysis: To follow in the euro's footsteps, 1.3690 is critical, cable has moved in on a deeper layer of support.

GBP/USD prior analysis

The price was under pressure in the above analysis and the US dollar flexed its muscles in overnight trade, sending cable down a notch as follows:

If bulls start to engage at this juncture at a discount to the prior levels, then demand could build and see the price rally in days to follow in a bullish extension. 

GBP/USD 4-hour chart

The bulls will need to get over the 4-hour structures near 1.3650 and 1.3690.

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