GBP Futures: rebound looks likely near term

Pablo Piovano FXStreet

CME Group’s flash data for GBP futures markets saw open interest and volume shrinking by nearly 1.3K contracts and around 40.5K contracts, respectively, on Wednesday.

GBP/USD faces a tough hurdle at 1.2200

Cable’s negative price action yesterday was accompanied by declining open interest and volume, allowing for some U-turn in the short-term horizon. That said, while occasional bullish attempts are not ruled out, the important 1.2200 handle is seen capping the upside for the time being.

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 accelerates losses, focus is on 1.1800

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GBP/USD turns negative near 1.3540

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Gold reclaims $5,000 and above

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Mixed UK inflation data no gamechanger for the Bank of England

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Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

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