GBP Futures: move lower on the cards near term

Pablo Piovano FXStreet

CME Group’s advanced figures for GBP futures markets noted investors trimmed their open interest positions by around 4.1K contracts on Friday, reversing three builds in a row. In the same direction, volume clinched the second drop in a row, this time by around 139.5K contracts.

GBP/USD met strong hurdle around 1.25

Brexit hopes in combination with USD-weakness have sustained the strong rebound in Cable last week. The up move, however, met a tough resistance in the 1.2500 neighbourhood, coincident with the 100-day SMA. Shrinking open interest and volume could also spark a leg lower in the short-term horizon, with the next probable support at the 1.2300 area, where sits the 55-day SMA.

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

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