GBP futures: impending top on sight?

Pablo Piovano FXStreet

In light of advanced data for GBP futures markets from CME Group, traders added more than 1.4K contracts to their positions in open interest on Wednesday, up from Tuesday 181,570 contracts. Volume, instead, dropped by more than 19.5K contracts.

GBP/USD up move could lose traction

Cable’s uptick yesterday saw a small follow through towards the 1.3260 region earlier in the session today, although the move appears to have run out of steam for the time being.

The recent up move in spot was amidst rising open interest, although by insignificant levels, while volume has been decreasing practically non-stop since Friday, hinting at the idea that a potential top could be in place, at least in the near term.

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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