GBP futures: a test of 1.3032 appears on the cards

CME Group’s preliminary figures for GBP futures markets showed open interest rose by more than 1.5K contracts on Thursday vs. Wednesday’s final 192,757 contracts.

Cable poised for further gains

The combination of a tick higher in open interest with rising prices is a bulish sign and allows us to infer that the continuation of the current rally in Cable could well extend towards recent peaks in the 1.3030 region. If cleared, the door should open for a new visit to 2017 tops in the mid-1.3000s.