GBPUSD MARKET ANALYSIS

Hello traders, another pair I'm looking at is GBPUSD as I mentioned in my previous post. Into the market, GBPUSD price dropped and broke a key H1 & H4 demand zone at 1.28533 & 1.28072 which is the origin of the previous rally to the H1 & H4 supply zone at 1.29887 & 1.29449. Price broke the key H1 & H4 demand zone and formed a lower low at 1.27600. Price retraced to retest the broken demand as new supply before a continuation of the drop. Took sell positions during London session at 1.27738 with SL at 1.28100. Setup taken is a drop base drop, a continuation setup and my target is at 1.26200, close to the H4 demand zone at 1.26004 & 1.25318.

Price has been in constant consolidation below the zone since forming the lower low over Asian session into London session and still approaching NY session hence missing my 1st pending sell limit orders at 1.28100 and also putting my current positions in drawdown. However, I anticipate momentum during NY session for price to break below the H1 low at 1.27500 and form a lower low to confirm the bearish sentiment. Price gained momentum during NY session dropping 100 pips to the 1st H1 & H4 low at 1.26900. Price failed to break below and instead retraced hence closing out my positions as price has filled the 1st H1 & H4 range back to the 1st H1 low. I anticipate a retracement possibly back to supply before a major drop that takes out the H1 low and drops lower.