GBPUSD MARKET ANALYSIS UPDATE

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 Good evening traders, it's a chilly weekend here and I hope you had a profitable week in the markets. It has been quite an eventful week in the markets with major fundamental news releases like the FOMC federal funds rate release, the Bank of England monetary policy report release, the US Unemployment claims release and ending the week with the Non-farm payroll release yesterday from the US Bureau of Labor Statistics. Into the markets, I took buy positions on GBPUSD at 1.21000 with SL at 1.20700 as said on the previous post. Price rallied 90 pips to the 1st H1 high at 1.22000 filling the 1st H1 minor range from the H1 & H4 demand zone to the H1 high and back to the key H1 & H4 demand zone.

Price failed to break the H1 high at 1.22000 and instead retraced back to the H1 & H4 demand zone. Price accumulated more bullish orders that would take out the H1 high and push price higher to confirm a shift in market structure to bullish. Price rallied from the H1 & H4 demand zone by a constant push away from demand back to the H1 high at 1.22000. Price retraced from the H1 high to form a higher low at 1.21600 before eventually taking out the H1 high and forming a higher high at 1.22160. Price retraced back to the previous H1 higher low at 1.21600 then gained strong bullish momentum forming new highs and rallying to the key H1 & H4 supply zone at 1.22724 & 1.22444 which was target zone with my target at 1.22400. Price rallied 285 pips to 1.23870 breaking the key H1 & H4 supply and forming higher highs showing strong bullish momentum, filling the major H1 & H4 range from the H1 & H4 demand zone back to the key H1 & H4 supply zone and formed a new bullish range closing the week at 1.23795.













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