GBP futures: upside limited so far

Pablo Piovano FXStreet

CME Group’s flash data for GBP futures markets noted open interest dropped by around 1K contracts on Tuesday vs. Monday’s final 187,693 contracts, the first decrease after three consecutive builds. On the opposite side, volume advanced for the second session in a row, this time by almost 3.3K contracts.

GBP/USD now looks to 1.3300

Cable’s bearish momentum remains well and sound so far, accelerated today in response to disappointing CPPI figures for the month of May. Tuesday’s move was accompanied by a down tick in open interest while volume increased further, all leaving the door open for a potential test of December 2017 low around 1.33 the figure.

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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