GBPUSD MARKET ANALYSIS

 Hello traders, I'm looking at GBPUSD where price dropped to a key H4 & daily demand zone at 1.22057 & 1.21428 which was a previously broken supply zone. Price dropped to retest the zone after forming a higher high at 1.23300. Price filled the minor H1 & H4 range from the H4 & daily demand zone to the H4 higher high at 1.23300 and back to demand. Price dropped to demand and formed rejection wicks with candle closes above demand followed by a constant bullish push away from demand confirming the shift in market structure to bullish. Took buy positions during London session at 1.22291 with SL at 1.22000. Setup taken is a rally base rally, a continuation setup and my target is at 1.23930, at the major daily supply zone at 1.24326 & 1.23927.

Price gained strong bullish momentum during London session rallying by a constant push away from demand to the 1st H1 high confirming a shift in market structure to bullish. Price gained more bullish momentum rallying 100 pips to the previous H1 & H4 higher high at 1.23300 filling the 1st H1 & H4 range and still showing more bullish potential as I anticipate price to take out the H1 & H4 higher high and rally back to the major daily supply zone at 1.24326 & 1.23927.

Price formed equal highs on H1 & H4 at the H1/H4 higher high at 1.23300 then formed a retracement back to 1.23000 to accumulate more bullish orders to push price higher for a continuation of the rally. Price left a strong rejection wick to the upside on H4 also indicating strong bullish pressure and a potential continuation of the rally. Price gained more bullish momentum from the H1 higher low at 1.23000 during London session open rallying to 1.23500 and showing a potential continuation of the rally to the major daily supply zone at 1.24326 & 1.23927 with my target at 1.23930.

Price gained more bullish momentum during NY session taking out the equal highs on H1 & H4 and formed higher highs showing a continuation of the rally. Price rallied 160 pips to 1.23930 which is my target level for price to fill the major H4 & daily range from the major daily supply zone at 1.24326 & 1.23927 to the major daily demand zone at 1.19230 & 1.21598 and back to the major daily supply zone. Target hit 160 pips. 
R : R = 1 : 4