GBP futures: upside appears limited

Pablo Piovano FXStreet

CME Group’s advanced data for GBP futures markets showed open interest rose by more than 2.2K contracts on Thursday vs. Wednesday’s 187,994 contracts. On the flip side, volume dropped for the second session in a row, this time by more than 25.6K contracts.

GBP/USD capped around 1.4100

Cable’s weekly leg lower seems to have found decent support at yesterday’s low near 1.3860, managing to rebound to levels just shy of 1.4000 the figure afterwards. The up move has been in tandem with a relevant drop in volume while open interest activity remains somewhat muted. The upside, then, appears contained and further declines remain in the pipeline while capped by the short-term resistance line just above the 1.4100 handle.

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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