2026/08/17 GBP/JPY Trade Strategy
Today's GBP/JPY call: Buy.
Both the 1-hour chart (H1) and the 4-hour chart (H4) are rising, and price is sitting right in a price zone that looks like it could become a pullback.
Technically, if it bounces from here, I’d like to buy.
However, USD/JPY is shaping up to fall, so it may offset the pound’s move and end up ranging.
Review
It was Scenario A.
After the high was broken, I went long on the pullback once I saw price turning up (making higher lows) at support/resistance (S/R) on the lower timeframes.
Price broke above the 1-hour chart (H1) high, but it only made a small new high and then started losing momentum, so I took profit early. 30 pips
I think holding until the next day on the view that the uptrend continues would also be fine, but with intervention risk this isn’t a situation where price keeps extending, so I think it’s better to reduce risk early.
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.
