GBPUSD MARKET ANALYSIS

 Hey traders, I'm looking at a potential GBPUSD setup as price dropped into a major H1 & H4 demand zone at 1.19230 & 1.18564 which is the origin of the previous rally to the major H1 & H4 supply zone at 1.24326 & 1.23924. Price filled the major H4 range from the major H1 & H4 demand zone at 1.19230 & 1.18564 to the major H1 & H4 supply zone at 1.24526 & 1.23924 and back to the major H1 & H4 demand zone. Price dropped to the H1 & H4 demand zone at 1.19230 and formed a rejection wick with candle closes above demand followed by a strong bullish push away from demand in a strong H1 bullish engulfing candle, a weak bullish candle and another strong H1 bullish candle. Took buy positions during London session at 1.19565 with SL at 1.19200. Setup taken is a drop base rally, a reversal setup and my 1st target is at the 1st H1 & H4 supply zone at 1.22473 & 1.21708 before price either shifts and reverses or breaks and continues with the rally.

Price gained momentum during London session into NY session rallying 110 pips in strong all bullish candles on H1 & H4, taking out the 1st H1 high at 1.20300 and forming a higher high at 1.20436 confirming a shift in market structure to bullish. Price formed a higher high on H1 at 1.20575 and still showed more bullish potential to the 1st H1 & H4 supply zone at 1.22473 & 1.21708. Price dropped today to retest the previous broken H1 high at 1.20300 forming a higher low then gained strong bullish momentum during London session open, rallying 175 pips taking out the H1 higher high and forming new highs showing strong bullish momentum and a continuation of the rally to the 1st H1 & H4 supply zone at 1.21708 & 1.22473.
Current R:R = 1:4

Price rallied 200 pips to the next H1 & H4 high at 1.21400 and filled the 1st H1 range from the H1 & H4 high at 1.21400 to the H1 & H4 demand and back to the H1 & H4 high at 1.21400. Price failed to break the H1 & H4 high and instead reversed and dropped 120 pips back to the previous H4 higher low at 1.20200. Price then reversed and rallied to 1.20556 and still showed more bullish potential.
 R : R = 1 : 5