Daily HFT Trade Setup – EURGBP Showing Signs of Top at HFT Sell Zone
We are analysing the activity of HFT algorithms in the Fx market this morning and note that the EURGBP pair could provide potential setups from the short side during the current day-trading session.
Earlier today, EURGBP moved inside the light HFT selling pressure zone that is located at 0.8513 and above. The bullish move was stopped here after the price pushed about halfway into the HFT sell zone. But, a clear bearish reversal signal or pattern hasn't been formed here, so it's still early stage of a potential reversal here.
To the downside, the prior resistance located at the highs around 0.8515 would likely act as the first line of support on the way down in a bearish reversal scenario. A break below it would provide greater confirmation for the bears that any potential bearish moves have enough power to push lower.
Under this bearish scenario, the light HFT buying pressure zone may come in focus as a potential downside target, which is located today at 0.8482 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)