GBP/USD lifted as HFT algorithms start buying

The analysis of GBPUSD in today's trading session shows that the price reached the light HFT buying pressure zone that is noted at 1.2662 and below.

The reaction was strong as soon as GBPUSD entered the HFT area, and a bullish engulfing candle pattern now appears on the 1-hour timeframe. The highly accurate FxTR divergence indicator also gave a bullish signal before the bounce (see blue cross marks on the chart). The predominant trend here on the hourly chart is also bullish, which may be an additional tailwind for GBPUSD to continue higher from here.

Fx traders will be looking at the light HFT selling pressure - noted at 1.2783 and above - as a potential target.

GBP/USD Current Trading Positions