GBP futures: bull trend appears to continue

Pablo Piovano FXStreet

Advanced data for GBP futures for Wednesday provided by CME Group showed open interest extended the up trend for the third session in a row, this time increasing by more than 3.1K contracts from Tuesday’s final 200,700 contracts.

In addition, volume rose sharply by over 22K contracts, reverting three consecutive declines.

Cable could now target 1.3200

GBP/USD is posting gains for the second straight session on Thursday, largely backed by the increased selling pressure around the greenback after yesterday’s FOMC meeting. Rising open interest coupled with swelling volume and positive price action is undoubtedly a bullish sign, and allows Cable to extend the rally to the 1.3200 handle in the near term.

Headwinds to this view usually stays on the Brexit side and the uncertainty in the UK politics, which despite being dormant as of late, they remain far from abated.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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