Dear Traders,

A quick update- I am looking to go long GBP/USD. I have exited my short trade and I believe I must reverse my position. The price couldn’t break through the support level and now has formed a bullish engulfing pattern. My long entry would be at 1.5200. The stop loss should be placed just under the level of 1.5100. The first price target would be at 1.5350. From then on, everything depends on price action. Don’t forget that one of the most important traits in the successful traders is when they realize they are wrong and exit a losing trade or reverse direction (as is the case now.

Happy Trading,

Colibri Trader