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We are analyzing the activity of high frequency trading algorithms this morning and note that the EURGBP pair has now entered the light HFT selling pressure zone that is located at 0.8405 and above.
The price is already reacting and the bullish attempt has been pushed back lower. EURGBP bears will be looking to join a potential new leg down on a convincing intraday bearish signal. That may come with EURGBP breaking below the 0.84 round number level today and may clear the way for a move toward the light HFT buying pressure zone is located today at 0.8346 and below.
Additionally supporting the bearish case today is the advanced FxTR overbought/oversold indicator, which is inside the overbought area on the 1-hour chart.
