Daily HFT Trade Setup – GBPJPY Has Reached the HFT Buying Zone
The analysis of high frequency Fx trading algorithms this Monday morning shows that the GBPJPY pair has promising potential to stage a stronger bounce and reverse some of the daily losses so far.
Namely, GBPJPY reached the light HFT buying pressure zone that is located at 151.77 and below for the current trading session.
The price already is showing some bullish forces acting here and GBPJPY has already bounced somewhat. The bulls will hope to see the bounce extend higher and start a larger rally. Confirmation for that may come from other technical indicators as well as potential reversal patterns.
Thus far, there is the bullish green candlestick on the hourly chart as a first sign that a low has been put in place.
To the upside, the light HFT selling pressure zone is located at 152.39 and above. Ahead of it, the 152.00 zone may act as a resistance zone if GBPJPY starts a rally from here.