GBP Futures: upside looks limited
|Open interest in GBP futures markets dropped by around 3.2K contracts on Friday according to preliminary data from CME Group. Volume followed suit and shrunk by nearly 29K contracts.
GBP/USD faces strong hurdle around 1.23
Cable appears to have found a tough resistance in recent tops around the 1.2300 handle. Declining open interest and volume should remove tailwinds from extra upside in the near term, leaving Friday’s tops near 1.2300 as an interim hurdle.
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.