GBP futures: scope for further gains

CME Group’s preliminary data for GBP futures markets noted open interest rose by around 3.2K contracts on Friday from Thursday’s final 209,422 contracts, extending the choppiness seen as of late. Volume, instead, ticked higher significantly by more than 50.3K contracts, offsetting the previous drop.

GBP/USD looks to consolidate above 1.28

Friday’s up move in GBP/USD was accompanied by rising open interest and volume, which should allow for a continuation of the bullish sentiment in the very near term. However, and as always, all eyes remain on Brexit and the crucial vote tomorrow.