GBP/USD Price Analysis: Bulls seeking a discount from daily support structure

GBP/USD bulls waiting to move in at a discount.
The price is on the verge of moving higher within the weekly corrective phase.

Ross J Burland FXStreet

GBP/USD is attempting to extend higher, as per the prior analysis, GBP/USD Price Analysis: Bulls pushing against a key level of resistance, 1.2650 eyed.

GBP/USD daily chart, prior analysis

It was explained that ''the bulls have broken the first layer of resistance that would now be expected to act as a support on a retest. If the bulls commit, then a break of 1.2650 would expose the void of bids between there and the 1.30s.''

The outlook coincides with a bullish outlook on the weekly chart as the prior analysis illustrated as follows:

GBP/USD live market

GBP/USD H1 chart

From an hourly perspective, the price is on the verge of a significant correction of bullish impulses. However, cheaper prices may only encourage more bulls to the table and ultimately result in a continuation to the upside in confluence with the bullish outlook on the higher time frames.

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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