GBP futures: further upside likely

In light of flash data for GBP futures markets provided by CME Group, traders have scaled back their open interest positions by just 747 contracts on Monday from Friday’s 225.753 contracts, while volume also declined by more than 14.4K contracts.

GBP/USD could re-test 1.30

Cable is extending the upside for the fourth session in a row so far today, always accompanied by rising open interest and a choppy performance in volume.

Despite Monday’s close above the 1.2900 handle was against the backdrop of a small pullback in open interest and a modest retreat in volume, the broader picture appears somewhat constructive for the pair, allowing a potential visit to the key 1.3000 mark in the short term.