We are analysing high-frequency trading algorithms today and find interesting action in the EURGBP currency pair.
Namely, EURGBP earlier reached the light HFT selling pressure zone that is found at 0.8608 and above. The bullish attempt was sharply rejected here, and EURGBP quickly declined after that.
The drop took EURGBP down to reach the light HFT buying pressure zone as well, which is located today at 0.8584 and below. Traders are now asking themselves, can another attempt at the HFT zone be reversed, this time the HFT buy zone?
The price action around current levels should provide telling signs. If, on the other hand, EURGBP continues lower, traders' focus will shift to the support around the 0.8565 lows. Slightly lower, the light HFT buying pressure zone is standing at 0.8559 and below.
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