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We are analyzing high frequency trading algorithms in the Fx market this morning and note that the EURGBP pair flashes as a potential buy setup for the second part of the daily session.
EURGBP just reached the light HFT buying pressure zone that is noted today at 0.8502 and below. The bearish attempt was rejected there, and the price bounced as buyers entered the market. Additionally, the HFT buy zone corresponds to the technical support zone coming from those prior lows.
The bulls will be looking for the bounce to extend higher, with targets potentially toward the 0.8520 highs. The light HFT selling pressure zone is located a little further to the upside, at 0.8525 and above for today's session.
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