GBP Futures: Upside appears limited

CME Group’s advanced figures for GBP futures markets saw open interest shrinking for the third consecutive session on Tuesday, this time by more than 3K contracts. On the other hand, volume increased by nearly 10.7K contracts, reversing the previous drop.

GBP/USD still capped by 1.2500

Cable’s uptick on Tuesday was amidst declining open interest, which should remove some tailwinds from the rebound while leaving the topside limited around the 1.2500 neighbourhood.