GBPUSD MARKET ANALYSIS

 Hello traders, its a beautiful Wednesday morning with the blues from the previous trades still dawning on us and I hope you all took advantage of them as I'm still holding my positions to the respectively mentioned targets in the analysis. Into the charts today I'm looking at GBPUSD market where price rallied to a major H1 & H4 supply zone at 1.24316 & 1.23954 which is the origin of the previous drop to the major daily demand zone at 1.18529 & 1.17548. Price filled the major H4 & daily range from the major H1 & H4 supply zone to the major daily demand zone and back to the major H1 & H4 supply zone. Price rallied into the major H1 & H4 supply zone and formed a strong rejection wick with candle close inside supply on H1 & H4 followed by a drop away from supply to the 1st H1 low at 1.23400. Price failed to break the H1 low and retraced back to retest supply during Asian session before a continuation of the drop.
Price rallied inside supply to 1.24100, formed a strong rejection wick on H1 & H4 followed by a H1 bearish engulfing candle with candle close below supply. Took sell positions during London session at 1.23970 with SL at 1.24250. Setup taken is a rally base drop, a reversal setup and my target is at the next H4 demand zone at 1.21315 & 1.20881.

Price gained momentum during London session going into NY session, took out the H1 low at 1.23400 and dropped 130 pips forming a lower low at 1.22660 confirming a shift in market structure to bearish. Price rallied from the new H1 low at 1.22660 to retest the broken H1 low at 1.23400 before a continuation of the drop. Took a sell scale-in position during London session at 1.23347 with SL at 1.23600. Setup taken is a drop base drop a continuation setup and my target at 1.21400. Price dropped 55 pips from my scale-in position to 1.22830, failed to take out the H1 low at 1.22660 and instead reversed hence closing out all my positions in profit. Price reversed and rallied strongly back to supply the minor H1 range from the major H1 & H4 supply zone to the H1 low at 1.22660 and back to the major  H1 & H4 supply zone.
CURRENT R:R = 1:4