Investors trimmed their open interest positions for the second consecutive session on Thursday, this time by around 4.1K contracts according to advanced readings from CME Group. In the same line, volume went down by around 6.8K contracts, resuming the downside following Tuesday’s build.
GBP/USD met resistance near 1.2300
Cable’s sharp recovery appears to have met resistance in the 1.2300 neighbourhood for the time being, area coincident with a Fibo retracement of the March pullback. However, the positive price action was on the back of shrinking open interest and volume, noting the presence of short covering and thus exposing some lack of sustainability of the move.
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.