GBP Futures: upside could lose some momentum

Pablo Piovano FXStreet

CMA Group’s advanced figures for GBP futures markets showed open interest rose by around 2.2K contracts on Friday following two consecutive drops. Volume, instead, shrunk by more than 19K contracts, clinching the second drop in a row.

GBP/USD flirting with key resistance area

Cable is moving further north at the beginning of the week, testing the key hurdle in the mid-1.2700s. Rising open interest allows for the continuation of the upside bias, although persistent declining volume could spark some correction/consolidation in the near term.

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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