We started the London session today with a look at GBPUSD and AUDUSD, both pairs were displaying bullish formations (EW / 1-2-3 on several timeframes), with other technicals on 4h and 1D giving further hints of a possible rally up. We were able to identify 2 trading setups for GBPUSD, one of which confirmed later before the cable rally. Also, we identified a bullish setup in GBPJPY just before the breakout, however got stopped out for a few pips (5m and 1m entry, with low risk). EURUSD was perfectly flat at the time. We also analyzed a possible bearish setup on USDCAD based on range breakout and 200MA resistance on 15m (target 1.0140 already hit), but we did not take the position.
Tags: 1-2-3 Formation, EW, GBP/JPY, GBP/USD, rally
