CME Group’s advanced figures for GBP futures markets noted investors scaled back their open interest positions by just 148 contracts on Friday. Despite it was a small drop, it was the third one in a row. On the other hand, volume increased for the second consecutive session, now by around 66.8K contracts.
GBP/USD now looks to the 200-day SMA above 1.27
Cable has briefly surpassed the 1.27 handle on Friday – where sits the key 200-day SMA – amidst rising volume and declining open interest. That said, while price action around the Sterling is expected to remain volatile due to Brexit developments, shrinking open interest could lead to the loss of some upside pressure in the near term.
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.