GBPUSD (CABLE) ANALYSIS

Hello traders, I hope your weekend was great, some warmth from the long lost sunshine during this cold month. Diving into the markets, GBPUSD price rallied back to supply level on H1 & H4 at 1.20595 & 1.19970 which is the origin of the previous drop to 1.17770. Price tapped 1.20595, formed a strong rejection wick on H1, candle close inside supply followed by a drop in price put of supply. Took impulse sell entries during Asian session after market open at 1.20046 with SL at 1.20320. Setup taken is a rally base drop, a reversal setup and my target is at 1.18200.

Price faked out a drop in price to 1.19533, formed a demand level that failed to break, followed by a strong rally, breaking supply and hitting SL hence invalidating my setup.

SL HIT. LOSS -30 PIPS