2026/07/21 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

The price dipped yesterday, but it stopped falling at the range low and is now rising from a double bottom.
I’m still holding a bullish bias, but I need to watch for selling pressure coming in around yesterday’s high.
If the selling-the-rally pressure on the 4-hour chart (H4) is strong, there’s also a scenario where the rise stalls around the blue line near 218.7 and the price falls from there.
Judging by the shape of the daily chart, I can also picture a clean pullback forming, followed by a rise from tomorrow onward.
For that to happen, the price needs to overcome the selling pressure on the 4-hour chart (H4), and I feel today or tomorrow could be the turning point.

Review

A drop from the range high.

Price rose in the first half, but the rally stalled at the blue line and turned into a decline.
The initial rise couldn’t be caught if you waited for a break above Line A.

After that, once a double top formed at the blue line, you could short the decline from ○1.