GBP futures: further consolidation lies ahead

Pablo Piovano FXStreet

CME Group’s preliminary figures for open interest in GBP futures show contracts rose to 260,268 on Friday vs. Thursday’s 256,885 contracts, hinting at the possibility of a potential continuation of the consolidative theme around current levels.

Beware of ‘Brexit’ talks

Furthermore, potential gains in Cable are seen facing strong resistance around the 55-day sma near 1.2800 the figure for the time being, although GBP’s price action in the near to medium terms should largely hinge on the evolution of the Brexit negotiations, which are expected to start today.

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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