We are analyzing the high-frequency Fx trading algorithms today and note that the EURGBP pair is exhibiting bullish behaviour on its lower timeframes.
During the European morning session, EURGBP hit the light HFT buying pressure zone and sharply reversed there. The HFT buy zone is found today at 0.8542 and below today and has already served to attract buyers to enter the market at this juncture.
The hourly chart looks bullish as the newest candle complete reverses the decline from earlier in the session. Moreover, the FxTR overbought/oversold indicator shows that the big bounce is occurring at oversold levels.
Potential upside targets for bulls are located toward the light HFT selling pressure zone that today stands at 0.8578 and above.
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