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The activity of HFT algorithms in the Forex market today indicates that the EURGBP pair may have peaked for the day, and further downside action may be in store.
Namely, EURGBP reached and quickly reversed at the light HFT selling pressure zone, which is located at 0.8377 and above. The pair is now near the daily lows, around 0.8360. This is also an intraday support zone, so a break below could lead to a bigger fall.
The Bank of England is the big event today for GBP traders. Volatility could expand quickly on the EURGBP pair, and could also provide attractive trading opportunities.
To the downside, the light HFT buying pressure zone is noted today at 0.8343 and below.
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