GBPJPY Short Idea: Former Support Acting as New ResistanceBritish Pound vs Japanese YenICMARKETS:GBPJPYhammad69918Hello TradingView Community, This post outlines a potential short trade setup for the British Pound / Japanese Yen (GBPJPY) currency pair on the 15-minute timeframe. Technical Analysis: The chart highlights a key horizontal price level at approximately 203.064. This level previously acted as a support zone before a breakout higher. However, the bullish momentum did not sustain, and the price has broken back down below this level. The current price action shows a pullback to retest this broken structure from underneath. This is a classic "support-turned-resistance" scenario. The expectation is that this level will now act as a ceiling, rejecting the price and leading to a continuation of the downward move. Trade Setup: The short position tool on the chart visualizes a potential trade plan based on this bearish outlook: Entry: Approximately 203.064 (at the retest of the new resistance). Stop Loss: 204.093 (placed above the resistance zone and the recent swing high to invalidate the idea). Take Profit: 200.015 (targeting a new potential swing low). This setup provides a structured plan with a clear risk-to-reward ratio for a potential move lower. Disclaimer: This analysis is for educational and discussion purposes only and should not be considered as financial advice. Trading foreign exchange involves significant risk. Please conduct your own research and manage your risk appropriately before entering any trade. 26.3s Use Arrow Up and Arrow Down to select a turn, Enter to jump to it, and Escape to return to the chat.