GBPUSD (CABLE) ANALYSIS

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 Into the GBPUSD market, price has dropped to a key demand level on H1 & H4 at 1.14108 & 1.13659 which is the origin of the previous rally to the H4 high and supply at 1.17412 where price reversed and dropped back into demand. Price has filled the H4 and daily range from demand to the H4 high and supply at 1.17412 and back to demand. Price formed candle closes inside demand, a strong H1 bullish engulfing candle followed by a strong bullish push out of demand with candle close above supply becoming additional bullish confluence. Took buy entries during late NYSE at 1.14116 with SL at 1.13820 after also missing optimum entries at 1.13650. Setup taken is a drop base rally, a reversal setup and my 1st target is at the 1st H1 high at 1.15800.






Price faked out a rally to 1.14600, failed to break that high then reversed and dropped back into demand heavily, taking out my entries and hitting SL. Price hadn't broken demand yet and had formed a rejection wick followed by candle close inside demand showing the setup was still valid until demand breaks. However, price eventually gained more bearish momentum, broke demand and continued dropping lower forming lower lows and closed the week with price at 1.08127.




 

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