GBP/USD reverses at HFT sell zone and falls toward HFT buy zone
|We are analyzing the activity of high-frequency trading algorithms today and find that the action is in the GBPUSD currency pair.
Cable reached the light HFT selling pressure zone in the morning and reversed there. The light HFT sell zone is noted at 1.3698 and above, and was the area where at least three separate bullish attempts were rejected today.
Then GBPUSD started to decline before New York's open and has come all the way down to the 1.3613 level. The light HFT buying pressure zone is very near and is standing at 1.3611 and below. GBPUSD bulls may be looking to enter fresh long positions at these levels.
GBP/USD Current Trading Positions
FX Trading Revolution - Your Revolutionary Forex Source
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.