GBPUSD (CABLE) ANALYSIS

 Good morning traders, I hope you're alright and doing well. Today GBPUSD price rallied to supply level on H1 & H4 at 1.25095 & 1.19970, a previous bearish BOS level and origin of the previous drop to 1.17805. Took sell entries during London session at 1.20243 with SL at 1.20550 (30 pips). Setup taken is a rally base drop, a reversal setup and my target is at 1.18810 the first H1 low.

Price rallied back to entry inside supply zone, then dropped by a constant push away from supply to 1.19561 (65 pips). Price retraced to retest supply at 1.19970, formed rejection wick and a candle close below supply followed by another drop showing continuation of the bearish trend. Price dropped 100 pips to the 1st H1 low at 1.19230 then spiked back to supply during NYSE. Price rejected 1.19970, followed by a drop with high momentum to 1.19970 and was still showing more bearish potential.  
Price failed to break the H1 low at 1.19205, forming a minor double bottom on H1 then rallied deep into supply, taking out my entries and SL. Price tapped 1.20595, formed strong rejection wick on H1, candle close inside supply followed by a drop in price with market closing the week at 1.20050.