GBP futures: up move lacks conviction

Pablo Piovano FXStreet

In light of advanced data from GBP futures markets from CME Group, investors trimmed their open interest positions by almost 2.4K contracts on Wednesday vs. Tuesday’s 177,130 contracts. In addition, volume increased by nearly 8K contracts, recording the third consecutive raise.

GBP/USD faces strong resistance around 1.3200

The weekly bull run in Cable has been on the back of decreasing open interest, all indicative of the presence of short covering fuelling the upside. Increasing volume behind the move seems to give extra support to the mentioned scenario, which continues to deem the 1.3200 neighbourhood as a formidable barrier 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.

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