GBPJPY 12/07 Pullback or Reversal?GBP/JPYOANDA:GBPJPYAdrian_NovaTraderGBPJPY has started to retrace after sweeping Buy-Side Liquidity near the recent highs, leading many traders to question whether the rally has already peaked. The reality? Price has only reacted from a premium area after completing a liquidity grab. While short-term selling pressure has increased, the higher-timeframe structure remains bullish as long as the market continues respecting the ascending channel and higher-low sequence. The current decline may simply be a corrective move into the Fibonacci Discount Zone and the H4 Small Order Block before buyers attempt another expansion. For now, sellers are controlling the pullback. But the broader trend has not been broken. Currently • Price swept Buy-Side Liquidity (BSL) before rejecting lower • Selling pressure has increased from a premium area • Market remains within a bullish H4 channel • Fibonacci Discount Zone is the first major reaction area • H4 Small Order Block remains the deeper demand zone • IDM acts as the nearest resistance during the correction • Higher-timeframe bullish structure remains intact Trading Plan Bias Bullish Pullback Within a Bullish Structure Main Zone • 216.00–216.20 → H4 Fibonacci Discount Zone Secondary Zone • 214.90–215.10 → H4 Small Order Block Execution Idea If buyers reclaim lower-timeframe structure from the Fibonacci Discount Zone, the current retracement may become another continuation setup toward the recent highs. Should selling pressure extend deeper, the H4 Small Order Block remains the next area where buyers could attempt to re-enter the market. As long as the higher-timeframe structure remains intact, these zones may continue to attract demand. Bullish Targets → TP1: 217.25 → IDM → TP2: 217.80 → Recent High → TP3: 218.00+ → Buy-Side Liquidity (BSL) Invalidation A confirmed H4 candle close below the H4 Small Order Block would weaken the bullish structure and increase the probability of a deeper correction. Key Insight Liquidity grabs are often followed by retracements. What matters is whether buyers can defend discount before the higher-timeframe structure begins to break down. Key Question Is GBPJPY preparing for another bullish expansion from discount, or is this pullback the first warning sign of a larger reversal?