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The analysis of the activity of HFT Fx algorithms this morning shows that the GBPJPY pair is consolidating following the steady downtrend in recent days.
The price is currently moving between the two nearby HFT zones, in what looks like a consolidative bear flag pattern.
The two HFT zones are located at the following levels for today's session:
- the light HFT selling pressure zone at 151.09 and above.
- the light HFT buying pressure zone at 150.11 and below.
Given the preceding downtrend, Fx traders will likely favour short trades over long ones on GBPUSD.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
