GBP futures: extra gains likely

In light of advanced data for GBP futures markets from CME Group, traders added more than 6.6K contracts to their open interest positions on Tuesday vs. Monday’s final 199,695 contracts. In the same line, volume rose for the fifth consecutive session, this time by more than 17.5K contracts, the highest build since February 28.

GBP/USD rally could retake 1.40

Cable’s rally is extending for the fourth consecutive session so far and is eroding the critical resistance line off 2018 tops. The recent up move has been sustained by rising open interest and volume, which gives extra legs to the move and opens the door at the same time for extra advances.

The next relevant resistance facing GBP/USD is the 1.4070 region, tops seen in late February.

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