2026/01/26 GBP/JPY Trade Strategy

Today's GBP/JPY call: Sell.

The uptrend has broken down, and my current bias is to sell.
Price is near the pullback low on the daily chart, so there is reason for a bounce, but I see the flow as bearish and will be looking to sell the rally.

My scenario is to buy if price breaks above Line A, but my view may change as time passes.
Specifically, depending on how the 1-hour chart (H1) looks at that point, I’ll decide whether to consider buying or keep thinking sell.
If you simply view it as a drop from around B, the retracement feels shallow relative to the decline since this morning.

Review

It was Scenario B.

Price rose to around Line A but quickly fell back, and I went short once it started turning down (making lower highs).
It tested the 210 target several times, and I closed out after it formed two long lower wicks. 56 pips