The activity of high frequency trading algorithms in the Fx market this morning shows that the GBPUSD pair could be close to a reversal point for today's session.
Namely, GBPUSD has been moving down so far today, and this morning is entering the light HFT buying pressure zone, which is located at 1.3532 and below.
Buying interest seems to be already showing up with the price off the lows, albeit marginally only at the moment. Indeed, cable traders may want to see a strong bullish signal before they jump on board. In this sense, local resistance around that falling trendline is at 1.3550. An upside break here could provide the needed bullish signal and catalyst for further upside price action.
The light HFT selling pressure zone is noted today at 1.3588 and above.
Don't Miss: Where The Major Currencies Will Be Moving In 2022 - Yearly Forex Outlook & Scenarios For EURUSD, GBPUSD, USDJPY