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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. 

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

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