GBP Futures: upside looks exhausted

CME Group’s flash figures for GBP futures markets noted investors kept trimming their open interest positions on Thursday, this time by nearly 2K contracts. On the other hand, volume extended the choppy performance and increased by around 21.4K contracts.

GBP/USD expected to meet tough hurdle at 1.30

The rally in Cable continues to advance fuelled mainly by short covering, as suggested by the persistent downtrend in open interest. The continuation of the up move is expected to face a strong resistance in the 1.30 neighbourhood, where it could run out of steam and spark some correction/consolidation in the near term.