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We are analysing the activity of high-frequency trading algorithms this morning in the Fx market and note that the GBPUSD currency pair has started a steep decline that can lead to further continuation.
Namely, earlier in the morning, GBPUSD reached the light HFT selling pressure zone that is located today at 1.3859 and above, and the bullish attempt sharply reversed there.
The reversal then started a strong intraday bearish trend that has already taken GBPUSD down by more than 50 pips from the daily high.
The advanced FxTR Master MACD indicator also turned bearish on the hourly chart now, confirming the new trend here.
Local modest support is found nearby, around the prior lows at 1.3830. A break below them should clear the way for more downside action. Fx traders will be looking at the light HFT buying pressure zone as a potential target area, which is located today at 1.3813 and below.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
