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High frequency trading algorithms' activity in the Fx market today shows that the EURGBP pair has now reached the light HFT buying pressure zone that is located at 0.8316 and below.
The price is already reacting here and bouncing off the low in the HFT buy zone as bullish pressures increased here. Also, nearby prior lows from yesterday are providing technical support here.
EURGBP traders are bracing for volatility in the day-trading session ahead as both the Bank of England (BOE) and European Central Bank (ECB) are holding meetings and press conferences 45 minutes apart. It will be no surprise if we see EURGBP swing sharply in both directions today. Still, watching the HFT zones and the price action inside them could lead to some attractive trade setups in the session.
The light HFT selling pressure zone is noted today at 0.8343 and above.
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