GBP futures: diminished odds for extra gains

In light of latest advanced data for GBP futures markets from CME Group, open interest decreased by more than 2K contracts on Tuesday vs. 177,893 contracts recorded on Monday. In the same direction, volume went down by more than 7.2K contracts.

GBP/USD still capped by 1.3338/43

The ongoing rally in Cable appears to have lost some traction, as hinted by decreasing open interest and volume. While a test of higher levels can’t be ruled out, the 1.3338/43 band continues to cap the upside and stays as a formidable hurdle for GBP-bulls, at least in the near term.