Good afternoon traders! Here is a trading idea for the GBP/USD pair.

A bearish mood persisted in the pair this month, leading to the false breakdown of April's monthly low at 1.21500. To increase the pair, work on the large monthly auction between 1.21500 and 1.2650.

D1 chart:

The pound rolled back 1000 pips, giving the opportunity to enter the third wave from the pullback.

H1 chart:

Open longs between the retracement levels 61.8% and 38.2% presented on the chart above.

Cancel the plan if the quotes drop below 1.21.

Good luck!