GBP futures: market still poised for consolidation
|According to CME Group, preliminary figures for open interest on Friday show traders scaled back their positions by just over 200 contracts from Thursday’s 198,875 contracts, while volume decreased by over 39K contracts.
GBP/USD further gains unlikely
Cable is posting gains for the second straight session so far today, coming up after last week’s drop to as low as the 1.2930 zone. The rebound, however, comes with dwindling open interest and volume, removing sustainability to the up move. All in all, the recent fresh cycle top near 1.3130 could act as the upper bound of the expected trading range, while decent support should emerge in the boundaries of 1.2930.
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