GBP/USD Price Analysis: Bears eye a discount for a test of 1.2300

• GBP/USD bears are in control and taking out structures along the way. 
• The focus is on the Fed but the technicals remain biased to the downside. 

GBP/USD is currently trading at 1.2310 and is around flat for the day ahead of the Federal Reserve and the Bank of England the following day where both events are expected to see the central banks hike their interest rates.

Meanwhile, from a technical standpoint, GBP/USD is on the back foot and has made a series of lower closes over the past few days, topping out from the 1.2440s made mid-January. As it breaks down various lower time frame structures and swing-lows, the bias remains in the hands of the bears for the foreseeable future as the following will illustrate. 

GBP/USD daily chart

On the backside of the trend, the daily chart shows that the price is in a phase of probable distribution and there are eyes on a break of various daily structures on the downside with 1.2290 eyed first of all. A break below there opens the risk of a move test 1.2175 and then 12250.

GBP/USD H1 chart

The bears are in control while being on the front side of the hourly trend. the bulls have tried to correct the recent bearish impulse into a 38.2% Fibonacci retracement level so far but a break of 1.2305 will open risks of a continuation towards 1.2280/90.