GBP Futures: upside looks limited

CME Group’s preliminary prints for GBP futures markets noted open interest shrunk by nearly 3.1K contracts on Tuesday. Volume, instead, increased for the second consecutive session, now by around 41.5K contracts.

GBP/USD could test 1.3120, recent tops

Cable is trading on a positive footing so far this week. Tuesday’s advance, however, was on the back of declining open interest, hinting at the likeliness that the move up could be running out of steam. That said, the immediate target emerges at last week’s tops around 1.3120, where it is expected to meet strong resistance.