GBPUSD MARKET ANALYSIS

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Good morning traders, this has been quite a week with highly volatile fundamental news releases that are causing a lot of volatility in the markets so trade cautiously. Into the markets today I'm looking at GBPUSD where price rallied back into the key H1 & H4 supply zone at 1.24326 & 1.23933 which is the origin of the previous drop to the H1 & H4 low at 1.22660. Price has filled the H1 & H4 range from the key H1 & H4 supply zone to the H1 & H4 low and back to the key H1 & H4 supply zone. Price rallied to supply and formed rejection wicks with candle close below supply. Took sell positions during London session at 1.23951 with SL at 1.24200. Setup taken is a rally base drop, a reversal setup and my target is at the H4 demand zone at 1.21315 & 1.20943.







Price strongly dropped away from supply in 4 strong H1 bearish candles to 1.23200 confirming the bearish sentiment and still showing more bearish potential as I await the BOE monetary policy news today. Price gained strong bearish momentum dropping 130 pips to the H1 & H4 low at 1.22660. Price failed to break the H1 & H4 low and formed a rejection wick followed by a slight bullish push. Price spiked 60 pips back to supply immediately after the BOE interest rate hike news during pre-NY session forming a strong rejection wick on H1& H4 followed by a strong drop breaking the H1 & H4 low and forming new lows showing strong bearish momentum. Price has dropped 170 pips forming a new lower low at 1.22300 and still showing more bearish potential as price approaches the H4 demand zone at 1.21315 & 1.20943 which is my target demand zone.
R:R= 1 : 4






Price dropped 200 pips to 1.21980 then retraced to retest the broken H1 & H4 low at 1.22660 before a continuation of the drop. Price gained more bearish momentum during NY session after the NFP report release dropping 345 pips to 1.20511, breaking the H4 demand zone and dropped lower in strong bearish momentum forming new lower lows and closed the week at 1.20511.
R:R = 1 : 7










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