GBP futures: further upside appears unlikely

In view of preliminary figures from CME Group for GBP futures markets, open interest decreased for the second session in a row on Tuesday, this time by 838 contracts from Monday’s 224.935 contracts. Volume, instead, rose by more than 21.3K contracts.

GBP/USD still capped by 1.3000

Yesterday’s bullish attempt in Cable lost momentum in the 1.2980 region, retracing the up move during the European evening and ending the day with marginal losses around 1.2920.

The increase in volume in tandem with another failed attempt to sustain the up move and the irrelevant figures from open interest opens the door for some consolidation in the near term at least, although odds for further advances appears unlikely for the time being.