GBPUSD MARKET ANALYSIS

 Good morning traders, it's the last day of the month and it has been quite a month with lots of opportunities in the markets. As the month ends, I am looking at GBPUSD for potential trades for the week. Price rallied into a major H1 & H4 supply zone at 1.34300 & 1.33980 which is the origin of the previous major drop to the H4 low at 1.33150. Price filled the H1 & H4 range from the major H1 & H4 supply zone to the H4 low at 1.33150 and back to the H1 & H4 supply zone. Price rallied into the zone and formed candle closes inside supply followed by a strong H1 bearish engulfing candle with candle closes below supply. Took sell positions during London session at 1.34000 with SL at 1.34350. Setup taken is a rally base drop, a reversal setup and my target is at the H4 low at 1.33150.

Price gained bearish momentum dropping 50 pips to the 1st H1 low at 1.33670. Price failed to break the H1 low and instead retraced to 1.33900 forming a lower high on H1 before a continuation of the drop lower. Price gained strong bearish momentum taking out the H1 low and forming lower lows confirming a shift in market structure to bearish. Price dropped 150 pips to the next H1 & H4 demand zone at 1.32763 & 1.32205 which was the origin of the previous rally to the major H1 & H4 supply zone hence filling the H1 & H4 range from the H1 & H4 demand zone to the H1 & H4 supply zone and back to the H1 & H4 demand zone. Target hit.