GBP/USD shot higher following the Federal Reserve on Wednesday with the dollar printing fresh cycle lows vs a basket of currencies. 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:
The GBP/USD pair surged to 1.3950, a one-week high following comments from US Federal Reserve chief Jerome Powell, mostly optimistic but at the same time repeating his well-known cautious message about the economic recovery and the future of inflation and employment. The dollar fell as investors became more optimistic, demanding high-yielding assets.
