- 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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