GBP Futures: recovery expected to falter

Flash data for GBP futures from CME Group noted investors scaled back their open interest positions by 854 contracts at the beginning of the week, while volume rose for the second session in a row, now by around 13.8K contracts.

GBP/USD keeps looking south

The ongoing squeeze higher in Cable is accompanied by another down tick in open interest, removing tailwinds from extra gains and re-focusing on the potential resumption of the down trend. Higher volume, however, could lend some near term support to the up move.