GBP Futures: upside unsustainable?
|According to flash data for GBP futures markets from CME Group, investors trimmed once again their open interest positions by around 5.4K contracts on Wednesday, the fourth drop in a row. In addition, volume extended the choppiness seen as of late and shrunk by nearly 8.9K contracts.
GBP/USD still keeps a test of 1.30 on the table
The positive price action around Cable was once again in tandem with declining open interest and volume, noting that short covering (and USD-selling) is fuelling the upside for the time being. That said, while a test of 1.30 remains on the cards, correction lower in the near term is expected to gather further momentum.
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.