Potential Long Position GU

FX:GBPUSD   British Pound / U.S. Dollar
Area of interest, price has tested the support trend line and rejected it on lower time frames. Price is at an area of confluence due to support and resistance trend lines and 200EMA indicating an area of value. Moreover, it is still bullish according to the 200EMA (Daily). However, fundamental analysis may indicate pound weakness due to Brexit negotiations reaching significant stumbling blocks and NHS workers striking. Furhermore, Dollar may be gaining stregth due to what seems to be a potential second spike emerging globally (France recording highest cases on record and India hitting 100,000 daily infections) indicative of liqudity shifting to the Dollar. Acting as a safe haven. Overall, strong confirmation must be shown before entering a long position on this trade as there is potential for a complete breakout of the current market structure which would offer selling opportunties. Either way, this area of confluence will likely offer good trading positions with a good R:R.


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