GBP Futures: Bullish with caution

Pablo Piovano FXStreet

CME Group’s preliminary data for GBP futures markets noted investors scaled back their open interest positions by nearly 1.4K contracts on Wednesday. Volume followed suit and decreased for the second straight session, this time by around 3.6K contracts.

GBP/USD risks a correction lower

Short covering was behind Cable’s move up on Wednesday to levels beyond the critical mark at 1.30 the figure, as noted by declining open interest and volume. That said, while further gains are not ruled out in the very near-term, the likeliness of a downside correction seems to be gathering traction.

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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