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The downtrend in GBPUSD is strong and stable over the past few days, with most momentum traders looking for bearish setups as a result.
The activity of high-frequency trading algorithms this morning shows that GBPUSD has now reached the light HFT buying pressure zone that is located today at 1.3628 and below. The bearish attempt was stopped here and the downtrend has eased with the price action stabilizing this morning. What happens next here could offer either breakdown opportunities on bearish continuation or bullish opportunities in case of a reversal.
To the upside, the light HFT selling pressure zone is located today at 1.3745 and above.
To the downside from current levels, the medium HFT buying pressure zone is located at 1.3511 and below.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
