The key element that is tipping me off to a trading opportunity is the 5 wave move higher from July 8-July 15. This is a leading wave and takes the shape of 5 waves. Therefore, there is likely going to be at least one more 5 wave move higher.
The trick is to find that area of support to buy into the next 5 wave move higher and it looks like an is forming (see purple waves).
In order for purple wave '3' to NOT be the shortest, purple wave '5' will need to terminate above 1.5500. Therefore, the deeper the GBPUSD can move towards 1.5500, the better risk to reward ratio opportunity to buy. Wave relationships show up in the 1.57-1.5850 range for taking profit.
One pip below 1.5500 and the is invalid.
Since we may be in a triangle, I wouldn't get too cute. So it may be prudent to move the stop loss to break even in case it breaks down into a more complex structure to preserve capital and leave some more to the upside.
To make GBPUSD more interesting, IF (note the big IF) this is a triangle, we haven't seen one of the waves become more complex yet. So might be worth considering GBP crosses as well for trading opportunities.