In light of preliminary data for GBP futures markets from CME Group, investors scaled back their open interest positions for the second day in a row, this time by just 641 contracts. Volume, instead, rose significantly by around 112K contracts.
GBP/USD upside could falter above 1.2500
Cable rose sharply on Thursday in response to auspicious Brexit headlines. The move, however, was amidst declining open interest, which should warn against extra gains in the short term. Increasing volume, on the other hand, could favour further upside to September’s high around 1.2580, where is expected to struggle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.