GBP futures: consolidative near term

Pablo Piovano FXStreet

GBP futures markets saw open interest rising by just 37 contracts on Tuesday vs. Monday’s 177,418 contracts, according to advanced data provided by CME Group. In addition, volume rose marginally by more than 110 contracts.

GBP/USD strong resistance lies around 1.3200

The recent choppy activity in both open interest and volume allows for some consolidation in the near term at least, while the area around 1.3200 the figure continues to act as a strong resistance.

As usual, Brexit negotiations and the deteriorated UK political scenario pose the immediate risks for any sustainable bull run in GBP.

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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