GBPJPY H12British Pound/Japanese YenFX:GBPJPYWinlouhGBPJPY 12h looks like a short-term bearish pullback inside a broader bullish structure. What the chart is showing: Price has been making a recovery and recently pushed into an ascending resistance line. It tagged that upper boundary around the 215.5–216.0 area and then started to reject. Your sketch suggests a small bounce first, then continuation lower into the marked retracement zone. The pullback target is the 0.5–0.618 zone, roughly 212.7 to 212.0. Key levels: Immediate resistance: 215.5–216.1 Breakout target above: around 217.5–218.0 Pullback support 1: ~212.7 Pullback support 2: ~212.0 Read: Base case: bearish correction from resistance. Bullish invalidation of the pullback idea: a firm break and hold above 216.1 would favor continuation higher toward 217.5+. So this is not a clean trend-reversal chart yet, more a sell-the-rally / retrace lower setup.