GBP/USD tested HFT sell zone!
|We are analyzing the trading activity of HFT algorithms in the Fx market today and have noticed that bearish trading opportunities may be provided on the GBPUSD currency pair.
Notably, Cable has already reached the light HFT selling pressure zone which is today noted at 1.2924 and above. The bullish attempt was swiftly rejected here and GBPUSD is now a step away from completing an evening star pattern.
The evening star is a bearish candlestick pattern and the fact that it appears at the light HFT selling pressure zone strengthens the case for bearish continuation on GBPUSD today.
The light HFT buying pressure zone that is noted at 1.2843 and below can be used for determining profit targets on bearish positions today.
GBPUSD Current Trading Positions
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.