Daily HFT Trade Setup – GBPUSD Can't Go Through HFT Selling Pressure Zone
We are analyzing the activity of high frequency trading algorithms today and note that a bullish attempt on GBPUSD was rejected at the HFT selling pressure zone.
The HFT zone is an area where more sellers place their orders, and therefore, it is more likely that a reversal can happen here. The light HFT selling pressure zone, where GBPUSD was rejected today, is located at 1.3653 and above.
But more bearish action today is not a given immediately. Namely, following the decline, GBPUSD hit the support around the 1.36 round number. For further downside action, the bears will likely need to break this level first.
To the downside, the light HFT buying pressure zone is located at 1.3578 and below.