The analysis of the HFT algorithms activity in the Forex market today shows that the GBPUSD currency pair reached and bounced at the light HFT buying pressure zone earlier today, which is noted at 1.2967 and below.
The bulls will be looking at the light HFT selling pressure zone - noted at 1.3080 and above - as a potential target to the upside in a bullish scenario. However, the 1.30 round number level as well as the 1.3030 minor resistance stand in front and could be areas where a possible bullish move may pause or even reverse.
Bullish signals have already started to appear on the 1-hour timeframe here, such as candle patterns and change in trend on momentum indicators.
GBP/USD Current Trading Positions
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