GBPUSD MARKET ANALYSIS

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 Good afternoon traders this amazing Wednesday I hope you're all great and ready to kick it in the financial markets as always. Into the markets today I'm looking at GBPUSD where price rallied to a key H4 supply zone at 1.22146 & 1.21476 which is the origin of the previous drop to the major H4 & daily demand zone at 1.18504 & 1.17548. Price has filled the H4 range from the key H4 supply zone to the major H4 & daily demand zone and back to the key H4 supply zone.
Price rallied into supply and formed a rejection wick with candle close inside supply followed by a drop away from supply with candle close below supply. Took sell positions during London session at 1.21726 with SL at 1.22100. Setup taken is a rally base drop, a reversal setup and my target is at the major H4 & daily demand zone at 1.18504 & 1.17548.












Price dropped 70 pips to 1.21015 forming a lower low on H1 then rallied back deep into supply and back to my entries. Price has been consolidating at supply with no major moves so I held my positions as I awaited the CPI news release during NY session for more momentum. 
Price faked out a 90 pips drop to 1.20800 then left a strong rejection wick to the upside followed by a strong H4 bullish candle breaking the H4 supply with candle close above supply hence hitting my SL and taking out my entries. Price formed a sharp bullish spike on H1 followed by a sharp bearish spike back to 1.21000 during the CPI news release showing high volatility. Price then gained more bullish momentum rallying above supply in 3 strong bullish candles showing a shift in market structure to bullish.
LOSS = -2%














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