GBP futures: extra upside loses traction

CME Group’s advanced data for GBP futures markets showed open interest rose by almost 4.4K contracts on Tuesday from Monday’s178,825 contracts. Furthermore, volume ticked higher by just 844 contracts.

GBP/USD faces strong resistance at 1.4250

Cable’s strong rebound from the 1.4000 area has been in tandem with rising open interest albeit choppy activity in volume. That said, while further upside is not ruled out, GBP/USD is poised to face a tough barrier in the mid-1.4200s.