GBPUSD & EURUSD MARKET ANALYSIS UPDATE

 Hello and happy Sunday everyone, I hope you're enjoying your weekend and also refreshing and getting ready for the new trading week from tomorrow. I'd like to go through setups I had last week on 2 pairs GBPUSD & EURUSD and their projections for the coming week. Into GBPUSD, price formed a new high at 1.24200 on H1 & H4 then dropped back to the previously broken supply. Price dropped deeper into the zone at 1.22676, formed a bullish push on H1 & H4 to 1.23100 and failed to form any candle close above the zone to show any possible bullish reversal. Price instead dropped lower to 1.22450 forming candle closes below the zone showing a potential continuation of the drop.

Price formed a lower low then retraced to retest the zone before a continuation of the drop. Took sell positions during NY session at 1.23000 with SL at 1.23250. Setup taken was a drop base drop, a continuation setup. Price dropped 100 pips to 1.22000 confirming the bearish sentiment and closed the week at 1.22236. I anticipate a continuation of the drop into next week to the major H1 & H4 demand zone at 1.21000 & 1.20550.

Into the EURUSD market analysis, price dropped from a major H1 & H4 supply zone at 1.07748 & 1.07513 which is the origin of the previous drop to the major H1 & H4 demand zone at 1.05032 & 1.04614. Price rallied to 1.07513 and formed candle closes below supply followed by a strong 90 pips drop to 1.06630.

Price retraced to retest the minor H1 BOS at 1.07270 and 1.06988 forming rejections on H4 with candle closes inside the BOS before a drop back to the previous H1 & H4 low at 1.06630. Price dropped 60 pips to 1.06630 and closed the week at 1.06840. I anticipate a rally into the BOS before a continuation of the drop into next week to the next H1 & H4 demand zone.