GBPUSD MARKET ANALYSIS

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 Good afternoon traders, it's another week in the markets and that gives us new trading opportunities. Into the markets this week I am looking at GBPUSD where price broke a major H4 & Daily demand zone at 1.36130 & 1.35850 and formed lower lows at 1.35300 confirming a true breakout below demand. Price retraced to retest the broken demand as a new supply before a potential continuation of the drop lower. Price rallied back into the zone and formed rejection wicks with candle closes inside the zone followed by a slight bearish push. Took sell positions during London session at 1.35880 with SL at 1.36150. Setup taken is a drop base drop, a continuation setup and my target is at the next major H4 & daily demand zone a 1.34300 & 1.33980.






Price consolidated at supply for a few days without any momentum then gained more bearish momentum on Thursday during NY session. Price formed a strong H4 bearish engulfing candle with candle closes below supply confirming the bearish sentiment followed by a retest of supply at 1.35850 then a drop by a constant push away from supply. Price dropped 120 pips and closed the trading week at 1.34905 with our positions still open as I hold the trade to the anticipated target at the next major H4 & Daily demand zone at 1.34340. 
Markets opened this week and price pushed lower dropping to the next major H4 demand zone at 1.34300. Target hit.







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