Daily HFT Trade Setup – GBPUSD Climbing Toward HFT Sell Zone
The analysis of high frequency trading algorithms today shows that the GBPUSD currency pair is getting nearer to the light HFT selling pressure zone that is located today at 1.3601 and above.
The bullish move is likely to experience some pushback here as more sellers will join the market. The FxTR Divergence indicator is also flashing red again, indicating bearish divergence exists on the hourly chart. But, this is no reversal signal on its own, so GBPUSD could push further higher still. Rejection and then a bearish chart pattern or a similar signal could confirm the end of the rally today.
While not a distinctly defined support zone, the 1.3550 area would be the nearest downside target in this reversal (bearish) scenario.
The light HFT buying pressure zone today is located at 1.3459 and below for the current daily session.