GBP futures: further upside likely near term

CME Group’s advanced data for GBP futures markets showed open interest rose by around 2.2K contracts on Tuesday vs. Monday’s final 265,146 contracts. In the same direction, volume reverted four consecutive drops and rose by almost 34.5K contracts.

GBP/USD now targets 1.2957

Cable continues its march higher so far this week. Further gains now appear on the horizon on the back of increasing open interest and volume, with immediate target at 1.2957, or July’s low.