FX.co ★ Trading idea for GBPUSD growth. Bears trap

Good day, dear traders! I present to you a trading idea for GBPUSD.

So, after a powerful long initiative in the second half of July, the instrument entered the consolidation zone with the boundaries of 1.20-1.23.

Today there was a false breakout of the lower border of this price channel, after which there is a possibility that the upward trend for the instrument will continue:

In fact, we have a three-wave "ABC" structure, where wave A is the long initiative of the second half of July.

I propose to consider long positions with a 50% Fibo rollback from the level of 1.20 according to the scheme presented on the screen above.

Risks limit 1.19700-1.19000. Take profit on the breakdown of 1.23.

The trading idea is presented within the "Price Action" and "Stop Hunting" methods.

Good luck in trading and control the risks!