GBP futures: recent price action prompts some caution

Pablo Piovano FXStreet

CME Group’s advanced data for GBP futures markets showed open interest rose by nearly 1.5K contracts on Monday vs. Friday’s final 210,111 contracts. Volume, instead, dropped for the third session in a row, this time by more than 27.7K contracts.

GBP/USD focused on USD, Brexit

Cable’s positive performance on Monday was accompanied by rising open interest and declining volume, opening the door for some correction lower in the near term. In the meantime, cautiousness around the Sterling is expected to grow in light of the upcoming crucial vote in the UK Parliament on January 15.

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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