2026/07/29 GBP/JPY Trade Strategy
Today's GBP/JPY call: Sell.
Technically it’s a sell, but price is struggling to move lower.
If it rises from here, the 4-hour chart (H4) will start to look like a higher-low double bottom, which makes buying easier.
As long as price doesn’t break out of the current range, I’m keeping a bearish bias.
Review
A rise after the drop
In the first half, I went short from ○1.
As a Scenario B setup the retracement here is shallow, but this is a short-term trade based on a bearish bias.
Price had been capped for more than an hour in a pattern of lower highs, setting up another leg down.
I took profit when it touched the 217.2 target and started to bounce back.
This level is strongly watched as a pullback on the daily chart, so it’s not a place to chase the move. 40 pips
After that, I went short from ○2.
This is a selling-the-rally point on the 1-hour chart (H1).
However, there has been a short-term bullish shift, so I needed to watch out for this becoming a pullback and moving higher.
I exited when it started making higher lows. 10 pips
From there I switched to a bullish bias, and you could buy around the blue ○, but since it was right before the FOMC, it wasn’t a time to trade.
This article reflects the author's personal view of the market. It does not recommend any specific trade; all investment decisions are your own responsibility.
