GBP futures: recovery could be temporary

In light of preliminary figures for GBP futures markets from CME Group, traders trimmed their open interest positions by 3.3K contracts on Wednesday vs. Tuesday’s final 193,326 contracts. Volume, instead, rose by almost 50K contracts, reverting three consecutive drops.

GBP/USD resistance lies at 1.4067

Cable is up for the fourth consecutive session so far this week. The rally has been mainly on the back of USD-selling, while a persistent decline in open interest appears to be the main obstacle for further gains. The interim resistance emerges at last week’s tops near 1.4070.

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