GBPUSD MARKET ANALYSIS

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 Good afternoon traders, it's the first week of the financial year 2023 and there has been quite some profitable opportunities in the markets showing a good start into the year. Today I'm looking at GBPUSD where price rallied to a key H1 & H4 supply zone at 1.21127 & 1.20696 which is the origin of the drop to the H1 & H4 low at 1.19070 after the major drop from the major supply zone on H1 & H4 at 1.24315 & 1.23463. Price formed a slight consolidation at supply on H1 before dropping sharply to the H1 low at 1.19070. Price then rallied back to the H1 & H4 supply filling the 1st H1 minor range from the H1 & H4 supply to the H1 low at 1.19070 and back to the H1 & H4 supply zone. Price rallied into supply forming strong rejection wicks at supply on H1 with candle closes below supply.
Took sell entries during London session at 1.20704 with SL at 1.21000. Setup taken is a rally base drop, a reversal setup and my 1st target is the H1 low at 1.19070 before price either reverses or takes out the low and drops lower.






Price dropped to 1.20400 during Asian session then gained more momentum during London session open dropping lower to 1.20000 forming a lower low confirming the bearish sentiment. Price retraced to retest 1.20400 before a continuation of the drop as analyzed. Price gained more bearish momentum into NY session dropping 190 pips in strong all bearish candles to 1.18800, taking out the H1 low at 1.19070 and formed a lower low at 1.18800. Price has filled the H1 & H4 range to the H1 low and taken out the H1 low showing strong bearish momentum and a potential continuation of the drop towards the major daily demand zone at 1.17488 & 1.16504 for price to fill the major daily range.
Current RR = 1:5







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