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Our analysis of the activity of high-frequency trading algorithms in the Fx market this morning points that the EURGBP pair could provide opportunities from the short side in the current trading session.
EURGBP reached the light HFT selling pressure zone a few hours ago and stalled there. This HFT zone is noted today at 0.8574 and above and represents an area where sellers are more likely to join the market and potentially reverse the trend. Whether EURGBP will be able to dive lower from current levels today remains to be seen.
It's worth noting also that EURGBP is trading in a horizontal range between .8550 and 0.8580 for the last couple of days. The light HFT buying pressure zone is located around the bottom of this range, at levels between 0.8544 and 0.8515.
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