GBP futures: recovery has further wings

Preliminary figures for GBP futures markets from CME Group noted open interest rose by nearly 48.1K contracts on Thursday from Wednesday’s final 297,191 contracts, recording the third consecutive build. Volume followed suit, up significantly by almost 170.7K contracts, the largest build so far this year.

GBP/USD now targets the 100-day SMA at 1.3181

Cable continues its march north unabated so far today, gathering further traction against the backdrop of rising open interest and volume. Hence, the up move shows no sign of losing momentum and could target the 100-day SMA in the 1.3180 region in the short-term horizon.