GBP/USD Between HFT Selling and Buying Zone!
|We are analyzing the activity of HFT algorithms in the Fx market this morning and note that the GBPUSD currency pair is trading between the light HFT selling and the light HFT buying pressure zones that are today noted at 1.294 and above, and at 1.2893 and below respectively.
The pair rallied earlier today and nearly reached the light HFT selling pressure zone, but then retraced and is now consolidating. The overall technicals suggest that further consolidation here is possible and likely.
The pair came out of overbought territory earlier in the day (as can be seen from the overbought/oversold indicator plotted below the price chart), but if it stays range-bound for the day then a good strategy will be to fade moves at the light HFT selling and buying pressure zones on reversal signals there.
GBPUSD Current Trading Positions
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