For educational and demonstration purposes. Trade at your own risk. Calling this a short and then long possibility as a continuation after pullback. Strong rejection at 50% fib level; expect pullback before continuation back up. Contra-Trend trades can be a bit tricky; it's best to trade in the direction of the trend. The trend is your friend.
Price made a low within the previous 2 years, this low holds significance as price swept that low and quickly closed above it.
This tells me we may have have transcended into the bullish market structure shift.
Possible UJ Seasonality opening bell will play scenario 1 and other if JPY overpowers GBP then UJ seasonality will be postponed.
Examples on how this may play are visible earlier around August 9 and 13, see the tag numbers 2 and 1 respectively.
GBP is likely going to strengthen a bit more while JPY is devaluing, leading to a mini crash of JPY which is causing GJ...
It might be too soon to go long since there is another zone below the one I made an entry on.... keep that in mind .... so if this zone breaks next one will prolly hold but since I do this for practice I might as well place some trades which I thing might work instead of waiting for perfect trades, so keep that in mind too if you feel like following this trade. Cheers