GBP futures: points to some consolidation near term
|Open interest in GBP futures markets decreased by almost 5K contracts on Wednesday vs. Tuesday’s final 221,098 contracts, the first drop following three consecutive builds. Volume followed suit and dropped by around 44.5K contracts, prolonging the choppy performance.
GBP/USD a solid break above 1.2900 seems unlikely
Cable’s up move yesterday was on the back of declining open interest and volume, removing tailwinds from a potential push higher. That said, a convincing breakout of the 1.2900 handle appears unlikely for the time being, while Brexit-driven volatility is far from abated.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.