GBPUSD MARKET ANALYSIS

Good evening traders, I'm looking into GBPUSD where market opened this week with price inside the key H1 & H4 supply zone at 1.24316 & 1.23954 which is the origin of the previous drop to the H4 demand zone at 1.21315 & 1.20881 and the major H4 & daily demand zone at 1.18529 & 1.17548. Price filled the major H1 & H4 range from the key H1 & H4 supply zone to the H4 demand zone and back to the key H1 & H4 supply zone. Price formed rejection wicks on H1 & H4 with candle closes below supply. Took sell positions during pre-London session at 1.23940 with SL at 1.24240. Setup taken is a rally base drop, a reversal setup and my target is at the H4 demand zone at 1.21315 & 1.20881.

Price faked out a rally deep into supply and formed a strong H1 bearish engulfing candle with candle close below supply hence forming a rejection wick on H4 followed by a drop away from supply. Price gained more bearish momentum during NY session dropping 50 pips to the 1st H1 low at 1.23600 and still showing more bearish potential as it takes out the H1 low to confirm a shift in market structure to bearish.