Daily HFT Trade Setup – EURGBP Reacting at HFT Selling Pressure Zone
The activity of high frequency trading algorithms in the Forex market this morning indicates that the EURGBP pair may have peaked for the session and could fall from current levels.
EURGBP reached the light HFT selling pressure zone that is located at 0.8606 and above. The price reacted well here, the attempt was rejected and may even form a bearish candle pattern on the hourly chart (15 min till the close of the candle). The advanced FxTR overbought/oversold indicator also shows that the rejection at the HFT area also happened at overbought levels (see chart below).
To the downside, Fx traders will look toward the prior low around 0.8580 and the light HFT buying pressure zone that is noted today at 0.8571 and below.