GBPUSD MARKET ANALYSIS

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 Good afternoon traders, I hope you're all doing well and are ready for the opportunities in the markets this week. Into the markets I'm looking at GBPUSD where price broke a key H1 & H4 demand zone at 1.26550 & 1.26100 and formed lower lows at 1.25900 with candle closes below the zone. Price retraced to retest the broken demand as new supply before a continuation of the drop lower. Took sell positions during London session at 1.26507 with SL at 1.26750. Setup taken is a drop base drop, a continuation setup and my target is at 1.25400. 














Price faked out a rally to 1.26650 then left a rejection wick with candle closes inside the zone followed by a drop during NY session open. Price gained momentum during NY session but failed to form candle closes below the zone. I'm still holding my positions to my anticipated target at 1.25400. Price has dropped 40 pips to 1.26100 but still hasn't formed candle closes below supply to confirm the bearish sentiment.
Price failed to form candle closes below supply and instead consolidated inside the zone for most part of the week. Markets closed the week inside the zone at 1.26229 having to close my positions before the close of the trading week. I still anticipate a potential bearish continuation into the next week.






Price consolidated most part of the week and closes the week inside the major supply zone. Market opened this week with price still consolidating inside the zone with no major candle closes below supply to confirm the bearish sentiment. Price gained strong bearish momentum on Monday during NY session and dropped 110 pips to my anticipated target at 1.25400 which is at the next major H4 demand zone at 1.25400 & 1.25000.









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