GBP Futures: upside looks exhausted

Pablo Piovano FXStreet

Investors added just 20 contracts to their open interest positions on Monday, reaching the second straight build according to preliminary figures from CME Group. On the other hand, volume shrunk for the third consecutive day, this time by around 19.4K contracts.

GBP/USD faces strong resistance around 1.2750

Cable tested the significant hurdle in the mid-1.2700s although it failed to extend the up move beyond it for the time being. The persistent decline in volume amidst unclear price action opens the door for some correction at current levels, while a move lower should not be ruled out.

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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