GBPUSD MARKET ANALYSIS UPDATE

 Good morning traders, it's been a slow week in the markets but I hope you're watching out for potential setups and being patient. Here's an update on the GBPUSD setup I shared on the previous post. Price formed candle closes inside the zone followed by a strong H1 bullish engulfing candle to 1.26550 showing the bullish sentiment was right but my entry was early and that's how I got stopped out. Took buy re-entry positions during pre-NY session at 1.26504 with SL at 1.26300. Setup taken is a rally base rally, a continuation setup and my target is at 1.27600. Price failed to form candle closes above demand and instead formed a strong H1 bearish engulfing invalidating my bullish sentiment hence closing out my positions. 

Took buy re-entry positions during NY session at 1.26418 with SL at 1.26200. Setup taken is a rally base rally, a continuation setup. Price rallied to 1.26700 during late NY session and formed candle closes above demand. Price retraced to retest demand again during Asian session into London session. Price formed candle closes above demand giving confirmation of the bullish sentiment. Took a buy scale-in position during London session at 1.26560 with SL at 1.26300. Setup taken is a rally base rally, a continuation setup and my target is at 1.27500.