- GBP/USD bulls are moving up a gear from the critical support structure.
- The bulls have their eyes on a fresh daily high.
As per the prior analysis, GBP/USD Price Analysis: Bulls seeking a discount from daily support structure, the price has respected the support structure and has subsequently moved higher as the bulls piled in.
The following illustrates the bullish bias from the daily chart's perspective and the price action on the lower 1-hour time frame.
GBP/USD daily and hourly charts, prior analysis
It was explained that the price was 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.
GBP/USD live market
The above hourly, 4-hour and daily charts illustrate the bullish bias and validity of the prior analysis.