CME Group’s advanced data for GBP futures markets noted investors trimmed their open interest positions by almost 2.8K contracts on Friday, reaching the second drop in a row. Volume followed suit and also shrunk for the second consecutive session, now by nearly 123K contracts.
GBP/USD still looks to 1.30, but…
Cable’s impressive upside since early October appears to have met a tough nut to crack in the vicinity of the 1.30 handle so far. That said, Friday’s advance was in tandem with shrinking open interest and volume, opening the door for some correction/consolidation in the near term. The current overbought levels of the pair also reinforce the idea that a reversion of the up move could be in the offing.
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.